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) 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) 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:
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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.
