Cathie Wood’s Ark Invest bought more than $45 million of Robinhood stock as shares slumped in their trading debut

Robinhood Vlad standing at Nasdaq time square billboard
  • Cathie Wood’s flagship Ark Innovation ETF bought Robinhood as the trading app fell in its first day of public trading.
  • Wood scooped up nearly nearly 1.3 million shares of Robinhood worth over $45 million.
  • Fund filings show the ETF now holds roughly 3.6 million shares of Robinhood worth $126 million.
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Cathie Wood’s Ark Invest scooped up shares of Robinhood as the brokerage app fell on its first day of trading Thursday.

Wood’s flagship Ark Innovation exchange traded fund purchased nearly 1.3 million shares of Robinhood worth over $45 million based on Thursday’s closing price of $34.82. Fund filings show the Ark Innovation ETF now holds roughly 3.6 million shares of Robinhood worth $126 million, indicating Ark also bought the company before it made its public debut.

The mobile brokerage app priced its IPO Wednesday night at $38 per share, representing the bottom end of its targeted range of $38 to $42 per share. It ended its first day of trading down 8.37%.

Shares of Robinhood extended losses in premarket trading Friday, falling by more than 3% to around $33.70.

Wood’s latest activity comes as she rapidly sheds Ark’s positions in Chinese technology stocks amid an ongoing regulatory crackdown in Beijing.

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Cathie Wood’s Ark Invest is working with provider 21Shares to create a bitcoin ETF

Cathie Wood

Ark Invest – the firm run by star stock picker Cathie Wood – has partnered with exchange-traded fund provider 21Shares to to create a bitcoin exchange-traded fund, according to a filing with the Securities and Exchange Commission.

The ARK 21Shares Bitcoin ETF will track the S&P Bitcoin index and trade on the Cboe BZX Exchange under the ticker ARKB. Its investment objective is quite simple: track the price of bitcoin.

A prominent bitcoin bull, Wood has been loading up on bitcoin-related investments such as Grayscale Bitcoin Trust and Coinbase Global over the last few months.

The proposed bitcoin ETF joins a long list of over a dozen applications waiting for approval from the SEC. The agency for its part has recently postponed another decision to approve a bitcoin ETF.

Bitcoin has gained mainstream adoption of late, soaring above a market capitalization of $1 trillion. It has however been trading rangebound in the past days at just half of its $64,000 peak in April.

Read more: Here are 3 altcoins that could surge by 1000% – including the eco-friendly version of bitcoin – according to a crypto analyst and entrepreneur who vets early-stage projects

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Cathie Wood’s Ark bought the dip in Netflix as disappointing earnings erased $20 billion in the streaming giant’s market cap in just one day

netflix
  • Cathie Wood bought the dip in Netflix on Wednesday as disappointing first quarter earrings weighed on the company’s stock.
  • Wood’s Ark Next Generation Internet ETF and Space ETF added shares of Netflix.
  • Netflix tumbled 8.3% Wednesday after adding fewer subscribers than expected in the first quarter.
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Cathie Wood bought the dip in Netflix on Wednesday as disappointing first quarter earrings erased $20 billion from the streaming giant’s market capitalization.

Wood’s Ark Next Generation Internet ETF purchased 53,667 shares of Netflix, bringing the fund’s total holdings of the streaming giant to over $92 million as of Thursday morning.

Wood also added 5,214 shares of Netflix to the Ark Space Exploration and Innovation ETF. The space-focused exchange-traded fund now owns 24,480 shares of Netflix worth over $12 million. The streaming giant has a 1.8% weight in the fund.

On Wednesday Netflix tumbled 8.3% to as low as $503 a share after the company added fewer subscribers than expected last quarter, and warned of further weakness. Shares of the streaming giant continued to slide Thursday, falling 1.6% to as $500.55.

In the first quarter of 2021, Netflix added fewer than 4 million subscribers – less than half the 8.5 million it signed up in the preceding quarter, and a quarter of the almost 16 million it attracted in the first quarter of 2020.

Despite lackluster subscriber growth, Netflix grew revenue by 24% year-on-year to $7.2 billion last quarter, and scored a 140% increase in net income to $1.7 billion.

Netflix is down roughly 7% year-to-date.

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Cathie Wood’s Ark Innovation ETF added 1.2 million shares of Palantir as the stock slipped to its lowest price in nearly 4 months

cathie wood ceo ark invest profile 2x1

Cathie Wood’s flagship fund bought the dip in Palantir on Wednesday, ETF records show.

Wood’s Ark Innovation ETF added roughly 1.2 million shares of Palantir as the stock sank to $21.88, its lowest closing price since November 23.

As of Wednesday’s close, the exchange-traded fund holds 10.8 million shares of Palantir worth $251 million. The data surveillance company makes up 1.07% of the Ark Innovation ETF.

Shares of Palantir closed down nearly 6% on Wednesday and continued to slide in premarket trading Thursday but reversed course after the opening bell. Palantir jumped as high as 1.9% to $22.30 Thursday morning.

The data company has fallen 17% in the last month amid a lockup expiration that’s prompted profit-taking from company insiders.

In a CNBC interview in February, Wood explained that her Palantir trade is a long-term bet. She also praised CEO Alex Karp’s plan to forfeit short-term profits and invest aggressively in the future.

“It’s exactly how we invest. We want our companies to invest aggressively. We don’t want profits now,” the investing titan told CNBC.

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