Cathie Wood's Ark Offloads $20M Of Soaring Robinhood, Pauses Selloff In This Crypto Play
Portfolio Pulse from Shanthi Rexaline
Cathie Wood's Ark Invest sold 1,142,482 shares of Robinhood (HOOD) valued at $20.62 million across its ARKK, ARKW, and ARKF ETFs as Robinhood's shares rallied. Robinhood's customer base grew to 23.6 million in February. Ark did not sell any Coinbase (COIN) shares, despite its recent rally, with COIN remaining ARKK's top holding.
March 15, 2024 | 8:35 am
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NEGATIVE IMPACT
Ark Invest sold 1,142,482 shares of Robinhood as its shares rallied and its customer base grew to 23.6 million.
The sale of a significant amount of Robinhood shares by a major investor like Ark Invest could lead to short-term negative pressure on HOOD's stock price, especially considering the rally that prompted the sale.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Ark's ARKF ETF also sold Robinhood shares during the rally.
Similar to ARKW, ARKF's sale of Robinhood shares reflects a broader investment strategy by Ark Invest. This move is unlikely to have a direct short-term impact on ARKF's stock price.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ark's ARKK ETF sold shares of Robinhood but maintained Coinbase as its top holding.
The sale of Robinhood shares and the decision to hold onto Coinbase shares by ARKK could have a neutral short-term impact on the ETF's price. Portfolio adjustments are common and may not significantly impact the ETF's performance in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Ark's ARKW ETF participated in the sale of Robinhood shares.
The ARKW ETF's participation in the sale of Robinhood shares is part of Ark Invest's broader strategy. This action alone is unlikely to have a significant short-term impact on ARKW's stock price.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ark Invest did not sell any Coinbase shares, keeping it as ARKK's top holding despite a recent rally and a 7.17% drop in its last session.
Ark Invest's decision to hold onto Coinbase shares despite its recent price drop and rally suggests a neutral short-term impact on COIN's stock price. The firm's continued confidence in Coinbase as a top holding indicates a belief in its long-term value, which may stabilize the stock.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80