Cathie Wood Buys Another $11.2M In Robinhood On Tuesday — These Are Other Key Trades

Cathie Wood-led Ark Invest on Tuesday further raised its exposure in Robinhood Market Inc HOOD as the stock of the company that operates a marketplace for stocks, options, and cryptocurrency slipped lower.

The popular money manager bought 331,820 shares — estimated to be worth $11.24 million — in Robinhood.

Shares of the financial services company, which is down 2.73% year-to-date, closed 3.12% lower at $33.87 a share on Tuesday. The stock is down about 17% in the past month.

See Also: Why Robinhood Markets Shares Are Falling

Atlantic Equities on Tuesday downgraded the stock from Overweight to Neutral and lowered its price target to $35 a share from $65.

Robinhood Markets has a 52-week high of $85.00 and a 52-week low of $32.87.

Ark Invest bought shares in Robinhood via the Ark Next Generation Internet ETF ARKW  on Tuesday. The money manager also has exposure in the stock via the Ark Innovation ETF ARKK and the Ark Fintech Innovation ETF ARKF. 

The three ETFs held a total of about 15.54 million shares — worth $543.3 million — in Robinhood ahead of Tuesday’s trades. 

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

Here are some of the other key trades for Ark on Tuesday:

• Bought 23,956 shares —estimated to be worth $6.33 million — in Zoom Video Communications Inc ZM. Shares closed 0.30% higher at $264.49 a share on Tuesday.
• Sold 123,790 shares — estimated to be worth $7.76 million — in Zillow Group Inc Class C Z. Shares closed 1.16% lower at $62.80 a share.
• Bought 21,535 shares — estimated to be worth $875,613— in TuSimple Holdings Inc TSP. Shares closed 1.70% higher at $40.66 a share.

Photo: Courtesy of Robinhood