Hedge Fund Manager Cathy Wood Buys 45 million worth of  Robinhood stock for its ARK Innovation ETF

 

Robin Hood stock ended up closing lower than the opening yesterday down to 8% from the opening price of $38 to a little under $35 per share. Other high-profile IPO’s have had higher numbers. Retail investors scooped up $18.85 million worth Robinhood stock on day one of trading. The lockup period for retail investors who bought before the IPO is short so they must have sold to take some profits.

The implied valuation is about $30 billion dollars. An underperforming IPO can be an indicator of what is happening in the market, hence the reason for the way it was priced. There seems to be lack of retail support for the stock. The risk factor is and was so high. Many of the users on Robinhood are not seasoned investors and did not understand the risk.

Robinhood stock falls again, hitting lower intraday low before paring losses.

Shares of Robinhood Markets Inc. HOOD, fell 1.4% in morning trading Friday, the stock opened Thursday at $38.00, at the IPO price, but quickly fell below the IPO price, hitting an intraday low of $33.35 closing down 8.4% at $34.82. This morning, the stock reached up 1.4% to an intraday high of $35.30 at the open, then sold off. The stock declined  4.5% to a lower intraday low of $33.25.

This morning hedge fund investor Cathy Wood purchased ARK Invests Cathie Wood bought $45 million worth of  Robinhood stock for its ARK Innovation ETF , totaling 1.3 million shares.

Image TechCrunch

 


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer


>