Cathie Wood’s Ark Invest Buys $80 Million Worth Of Robinhood After Earnings Sell-Off

Cathie Wood’s Ark Invest Buys $80 Million Worth Of Robinhood After Earnings Sell-Off

Share to Linkedin Despite Robinhood facing growing skepticism from Wall Street analysts, famed stockpicker Cathie Wood of Ark Invest recently doubled down on her investment in the popular stock trading app, shares of which tumbled more than 10% on Wednesday after reporting a huge third-quarter revenue miss. Ark Invest's Cathie Wood is still bullish on Robinhood even after the company's disappointing ... [+] third-quarter earnings. Shares of Robinhood, which went public to much fanfare in July, are down 12%—below its IPO price of $38—since reporting lackluster third-quarter earnings late on Tuesday. Cathie Wood, the founder and CEO of $75 billion asset manager Ark Invest, purchased a total of 2. 24 million shares of Robinhood in various funds on Wednesday, a position worth roughly $80 million at the time. The innovation investor is still clearly bullish on Robinhood, buying the dip in the stock despite the company's big revenue miss, which was in large part due to a sharp drop in crypto trading on its platform, and a slowdown in user growth. Wood added to her position in Robinhood—she has been buying the majority of shares for her flagship fund, the ARK Innovation ETF—even as Wall Street analysts grew increasingly negative