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