Cathie Wood Trims Robinhood Stake As Stock Gains 28% In January — Also Offloads Shares In This Biotech Company

Cathie Wood-led ARK Investment Management sold 85,337 shares of financial services company Robinhood Markets Inc HOOD at an estimated valuation of over $888,000, based on Tuesday’s closing price. The sale was done through the ARK Fintech Innovation ETF ARKF.

Robinhood is ARK's seventh-largest holding, with a weight of 4.97%. ARK seems to have taken advantage of the recent market rally to offload part of its holdings, as the company’s shares gained over 28% since the beginning of 2023. Despite its recent rally, the stock is still down more than 28% over the past one-year period.

Also Read: How To Buy Stocks On Robinhood

Chart Patterns: The stock has support close to the $7.6 level and is hovering very close to its near-term resistance of $10.5. If it breaches this level on the upside, it is likely to move close to the $11.5 mark, following which it faces a crucial resistance at the $12.48 level.

Options expiring on Feb. 3 indicate Robinhood stock faces stiff resistance all the way from $10.5 to $11.5 during the week , while support comes in between $9.5 and $10.

Source: Trading View

With the company scheduled to report its earnings on Feb. 8 and with the Federal Reserve set to announce its policy on Wednesday, the stock’s implied volatility is on the higher side, in line with the general market.

Major Sale: ARK also sold 48,505 shares of Exact Sciences Corp EXAS at an estimated valuation of over $3.2 million based on Tuesday’s closing price. The sale was done via the ARK Genomic Revolution ETF ARKG.

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