Cathie Wood- led Ark Invest on Monday further raised its exposure in Robinhood MarketsInc(NASDAQ:HOOD) on the dip.
The popular money managing firm bought 404,020 shares — estimated to be worth $16.4 million in Robinhood — on the day shares of the company closed 3.96% lower at $40.70 a share.
As per reports, Robinhood is testing a highly-anticipated featurethat would allow users the ability to transfer cryptocurrencies supported on the app likeBitcoin(CRYPTO: BTC), Ethereum(CRYPTO: ETH) and Dogecoin(CRYPTO: DOGE).
The New York-based investment manager bought shares in Robinhood via the ARK Innovation ETF and the ARK Fintech Innovation ETF. Besides the two ETFs, the ARK Next Generation Internet ETF too owns shares in the company.
The three ETFs held a total of 8 million shares —worth $326 million — in Robinhood as of Monday’s trades.
Here are some of the other key trades for Ark on Monday:
Bought 96,251 shares — estimated to be worth $22.7 million — in CoinbaseGlobalInc. Shares of the cryptocurrency exchange closed 3.53% lower at $236.53 on Monday.
- Bought 54,479 shares — estimated to be worth $15.3 million — in Zoom Video Communications Inc. Shares of the video calling company closed 2.44% lower at $280.67.
- Sold 2,605 shares — estimated to be worth $8.74 — in Amazon.com Inc the day shares of the e-commerce company closed 3.08% lower at $3,355.73.
- Sold 10,400 shares — estimated to be worth $2.2 million — in NVIDIA Corp. Shares of NVIDIA closed 3.59% lower at $211.13.