Cathie Wood Says Tesla Can Win Without Conquering a Controversial Feature

Shifting gears from Ark’s biotech purchases earlier in the week, Cathie Wood picked up more than half a million shares of Robinhood Markets June 22, heavily increasing Ark’s  (HOOD) – Get Free Report position. 

The purchase came amidst further dumping — in the total amount of 72,712 shares — of Shopify. 

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Wood’s Robinhood purchase, valued at around $5 million, came spread across three of Ark’s ETFs. The Ark Fintech Innovation ETF picked up 50,049 shares; the Ark Next Generation Internet ETF picked up 76,204 shares and Ark’s flagship Innovation ETF  (ARKK) – Get Free Report snapped up some 436,565 shares. 

Ark Innovation now owns a total of nearly 19 million shares of the fintech company, weighted at 2.32% of the ETF and valued at $178,960,225.50. 

Robinhood’s shares closed at $9.45 June 22. 

The move came on the same day that Robinhood agreed to acquire X1, a no-fee credit card startup, for $95 million. X1, which offers income-based (rather than credit-based) metal credit cards, launched in 2020 and has since raised more than $60 million in funding, according to TechCrunch. 

More on Ark Invest:

• Cathie Wood Says Elon Musk’s New Tesla Partnership is ‘Great For America’
• Cathie Wood Buys Millions of Dollars Worth of a Major Tech Giant
• Cathie Wood Buys Millions Worth of One Surging Tech Stock

Robinhood called the acquisition an “important step in our journey toward broadening our product offerings and deepening our relationship with existing customers.”

The median price target for Robinhood is $10, with a high estimate of $25 and a low of $8, according to CNN. The current analyst consensus is a hold on the stock, a rating the company has maintained since last year. 

Robinhood’s stock is up 16% so far for the year.