On Thursday, Cathie Wood-led Ark Invest made significant trades involving Robinhood Markets Inc. (NASDAQ:HOOD) and Archer Aviation Inc. (NYSE:ACHR).
The Robinhood Trade
Ark Invest’s flagship fund, ARK Innovation ETF (BATS:ARKK), sold 167,741 shares of Robinhood on Thursday. The transaction was valued at approximately $15.47 million, calculated using Robinhood’s closing price of $92.23. This move comes as Robinhood’s stock trends higher, driven by positive market sentiment.
Needham analyst John Todaro raised his price target on Robinhood to $97, citing the company’s strong May metrics and potential benefits from improved crypto regulations. Robinhood is also expanding its equities and options platforms, which could further enhance its market position.
Notably, Wood had sold 7.8 million worth of Robinhood shares on Wednesday as well.
