Ark Invest Sells $1.46 Million of Robinhood Shares
CryptoNewsTerminal Staff08 Jun, 2024
Ark Invest Sells $1.46 Million of Robinhood Shares
ARK Investment Management, led by Cathie Wood, sold 66,200 shares of Robinhood Markets Inc. (ticker: HOOD) on Tuesday, March 7. The sale was worth $1.468 million. The firm did not trade any Coinbase shares that day. ARK Invest has been a major shareholder of Robinhood since the company went public in July 2021. However, the firm has been selling its Robinhood shares in recent months. In January, ARK Invest sold 1.49 million shares of Robinhood, worth about $55 million. The sale of Robinhood shares by ARK Invest comes as the stock has been struggling in recent months. Robinhood shares are down about 80% from their peak in August 2021. The company has been facing a number of challenges, including increased competition, regulatory scrutiny, and a slowdown in retail trading. It is unclear why ARK Invest is selling its Robinhood shares. However, the sale suggests that the firm is no longer as bullish on the company as it once was.
