Popular money manager Cathie Wood’s Ark Investment Management on Thursday bought 363,261 more shares — estimated to be worth $6.6 million — in Robinhood Markets Inc (NASDAQ:HOOD), on the dip.
Robinhood stock fell nearly 7% in the regular session on Thursday at $18.14 a share and was further down 1.32% in the after-hours trading. The stock is down 48% since going public in July.
Ark purchased Robinhood shares via the ARK Innovation ETF (NYSE:ARKK). Besides ARKK, the Ark Fintech Innovation ETF (NYE: ARKF) and the Ark Next Generation Internet ETF (NYSE:ARKW) own shares in Robinhood as well.
The three ETFs held 20.13 million — worth $392.5 million — in Robinhood, ahead of Thursday’s trade.
Robinhood on Tuesday has acquired Cove Markets, a cross-exchange trading platform. This is the first such acquisition for Robinhood Crypto, as it prepares to roll out cryptocurrency wallets.
The popular zero-commission trading app on Thursday also said it is adding a cryptocurrency gifting feature for users, which would be operational from Dec. 22.
Photo: Courtesy of Robinhood