Cathie Wood Sells Another $53M In Tesla And Buys The Dip In Robinhood

Cathie Wood’s money managing firm Ark Invest on Thursday piled up even more shares in Robinhood Markets Inc HOOD, further raising its exposure in the financial services firm whose shares tanked after the company noted a decline in cryptocurrency activity during the third quarter.

Ark Invest bought 1.29 million shares — estimated to be worth $45.8 million — in Robinhood Markets.

Shares of the company closed marginally higher at $35.47 per share on Thursday and are down 13.6% in the last five days.

Robinhood reported third-quarter revenue of $365 million after hours on Tuesday, up 35% year-over-year but missing analyst estimates of $431.3 million.  

The company noted the cryptocurrency decline was partly due to a fall in demand for Dogecoin DOGE/USD, which touched an all-time high of 74 cents in May and has plummeted over 60% since then.

See Also: Retail-Investor Focus Shifted From Dogecoin To Equities In Q3, Says Robinhood As Crypto Revenue Takes A Hit

Ark bought Robinhood shares via the Ark Innovation ETF ARKK, the Ark Fintech Innovation ETF ARKF and the Ark Next Generation Internet ETF ARKW on Thursday. No other Ark Invest ETF owns shares in the company.

Wood’s investment management firm held an estimated 9.73 million shares in Robinhood ahead of Thursday’s trade.

Robinhood stock is up 1.87% since its public listing in July.

See Also: Cathie Wood Sells Another $59M In Tesla And Buys The Dip In Robinhood And This Social Media Stock

Here are a few other key trades for Ark on Thursday:

• Sold 49,498 shares — estimated to be worth $53.3 million — in Tesla Inc TSLA. Including the latest sale, Ark Invest has sold about $1.14 billion in shares of Tesla since the start of September.
• Sold 485,025 shares — estimated to be about $22.12 million — in Pinterest Inc PINS, on the day shares of the social media company closed 10.78% lower at $54.81 a share.
• Sold 174,253 shares — estimated to be worth $55.6 million — in Coinbase Global Inc COIN on the day shares closed 2.39% higher at $319.13 a share.