Ark Invest, led by Cathie Wood, made significant trades on Monday, June 10, 2024, marked by a substantial sell-off of Robinhood Markets Inc. (HOOD). The firm has continued its spree of divesting Robinhood shares despite the crypto trading platform\u2019s recent acquisition of Bitstamp<\/a>. Moreover, the HOOD stock plummeted in the pre-market trading today after Ark Invest offloaded over $7.5 million worth of shares.<\/p>\n According to the latest update, Ark offloaded a total of 323,801 shares of Robinhood, distributed across three of its funds: Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). This strategic divestment generated approximately $7.58 million sale proceeds.<\/p>\n Moreover, this sale emerged as the largest dollar-value transaction of the day for Ark. This move comes amid Ark Invest\u2019s continued rebalancing of its portfolios, focusing on high-growth sectors such as biotechnology and technology.<\/p>\n While Ark reduced its exposure to Robinhood<\/a>, it simultaneously increased investments in several biotech and tech companies. This reflects its bullish stance on these industries\u2019 long-term potential. Furthermore, the latest selloff indicates that Ark Invest capitalized the spike in HOOD stock price on Monday.<\/p>\n Cathie Wood\u2019s Ark Invest had earlier offloaded a massive stake in Coinbase Global, Inc. (COIN). However, the COIN stock offloading spree has come to a halt with no significant selloffs noted lately. On the contrary, the firm divested 66,200 HOOD shares on Friday, June 7, at a value of $1.46 million.<\/p>\n Also Read:\u00a0Robinhood Joins AI Bandwagon With The Launch of Harmonic<\/a><\/strong><\/p>\n In the aftermath of the recent selloff by Ark Invest, the Robinhood stock plunged 2.13% to $22.92 in the pre-market session on Tuesday, June 11. However, on Monday, the HOOD stock gained a whopping 5.59% and closed at $23.42. Furthermore, the Robinhood stock has been surging ever since the acquisition of Bitstamp.<\/p>\n The HOOD stock price<\/a> has gained a whopping 11.42% since last week. The crypto platform announced a surprising $200 million deal for acquiring Bitstamp. Moreover, industry experts view this move as a strategic development for the firm with significant long-term prospects.<\/p>\n However, the continued divestment by Ark Invest suggests otherwise. The firm seems to have a bearish outlook for the HOOD stock in the long run as it is seen capitalizing on the short-term gains in the share price. Hence, a further dump might be noted by the Cathie Wood-led firm.<\/p>\n Also Read:\u00a0Shiba Inu Coin: Whale Bags 600B SHIB From Robinhood Hinting Price Rally Ahead<\/a><\/strong><\/p>\n <\/p>\n \u2713 Share:<\/p>\nArk Invest By Cathie Wood Sells Robinhood Shares<\/h2>\n
HOOD Stock Slips In Pre-market Trading<\/h2>\n
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