Cathie Wood's ARK Invest loads up on Robinhood shares after earnings-led dip and sells more Tesla stock

Asia's Tech News Daily

Cathie Wood's ARK Invest loads up on Robinhood shares after earnings-led dip and sells more Tesla stock
© Provided by Business Insider Cathie Wood is the founder, CEO, and CIO of ARK Investment Management. ARK Investment Management

  • Cathie Wood’s ARK loaded up on shares of Robinhood this week after the trading platform’s earnings.
  • She also cashed in on some of her Tesla stock – this latest sale coincided with the company hitting $1 trillion in value.
  • Robinhood shares fell 10% on Wednesday, dipping below its IPO price at one point.
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Cathie Wood’s ARK Invest took advantage of the drop in Robinhood shares on Wednesday following the company’s earnings and bought nearly $80 million worth of the stock, while selling another batch of Tesla shares, which crossed $1,000 in value earlier this week.

Three of her funds ARK Innovation, ARK Next Generation Internet and ARK Fintech Innovation ETF added a collective 2.29 million Robinhood shares, for $79.4 million.

Wood, known for her savvy tech picks in the volatile markets of 2020, jumped on the 10% drop in retail-trading platform Robinhood, which at one point fell below its initial public offering levels on Wednesday.

The company had disappointed investors the day before with third-quarter earnings that missed expectations due to a decline in crypto-trading activity from all-time highs seen in the previous quarter.

Wood also sold some more of her Tesla holdings. The ARK boss has been clear about her bullish stance on the company – not least with her prediction in March this year that the stock would hit $3,000, from around $1,000 right now.

At the Milken Conference last week, Wood noted how electric vehicles have bagged massive market share from traditional gasoline-powered vehicles, and Tesla stock was “finally” responding to that.

She sold some of her Tesla holdings last month too, and called it “good portfolio management.”

Her fund said on Wednesday it had sold a total of 57,106 shares in the electric carmaker, via the ARK Innovation and ARK Autonomous Tech. & Robotics ETFs, for a collective $59 million.

Tesla this week hit a market valuation of $1 trillion, joining other tech heavy-weights such as Microsoft, Apple and Google parent company Alphabet on Monday. This made Tesla the second fastest company to do so after Facebook briefly hit that mark a few years ago.

Read the original article on Business Insider

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