As a seasoned crypto investor with a knack for spotting undervalued assets, I find Cathie Wood’s recent purchase of 45,792 Robinhood stocks quite intriguing. Having weathered multiple market cycles and witnessed the rise and fall of several tech giants, I can appreciate the strategic move to buy the dip in a company with proven potential like Robinhood.
Ark Invest led by Cathie Wood has increased its holdings in Robinhood (HOOD) by acquiring 45,792 more shares, reinforcing their commitment to tech stocks during the current market downturn. The company is known for its strategy of investing in beleaguered tech stocks, a move that is now drawing broader interest. This week, the price of HOOD stock has shown some upward trend due to increased buying activity, despite the ongoing volatility.
Cathie Wood Purchases Robinhood Stock
On July 12, Cathie Wood purchased approximately $800,000 worth of stocks on Robinhood, totaling 45,792 shares. This move aligns with Ark Invest’s strategy of buying tech stocks at a discount after a market downturn. In Q1 of 2024, the value of this asset skyrocketed due to a technology-fueled surge, but it subsequently plummeted as the momentum slowed. Over the past month, the price of this crypto stock has dropped by more than 22% as some investors chose to sell their holdings.
Despite passing investment opportunities, Cathie Wood and other investors seized these chances by acquiring assets last week. Specifically, Ark Invest bought approximately $2.4 million worth of HOOD stock following its positive earnings report. Additionally, similar investments were made in Coinbase during a recent dip in the stock market, demonstrating broader optimism for crypto stocks. Moreover, Ark Invest also purchased Alphabet stock and offloaded two Ethereum Futures ETFs, ProShares EETH and ARKZ.
As a researcher observing the financial landscape, I’m noting Robinhood’s Q2 performance exceeding expectations, a development that is increasingly winning favor among the cryptocurrency community. The platform’s strategic entry into the crypto market appears to be fueling growth. In their recent report, it’s evident that the income derived from crypto segments experienced a significant surge, increasing by an impressive 161% compared to the same period last year.
HOOD Stock Jumps Weekly 10%
In spite of a recent drop, Hood’s stock price currently sits at $18.54, rising by 3.4% on Monday. This upward trend has persisted throughout the last week, with the price increasing over 10%. Interestingly, Coinbase’s stock price also demonstrated a similar weekly recovery, although it remains below the break-even point.
According to Bank of America, they are optimistic about the future performance of HOOD stocks due to increasing customer interaction in retail, natural growth, and a beneficial operating ratio.
BANK OF AMERICA ON ROBINHOOD $HOOD TODAY:
UPGRADE TO $32 WITH A BUY
SEES ORGANIC GROWTH CONTINUING TO ACCELERATE
RAISES EPS TARGET TO $1.45 BY 2026
SEES VALUATION AS ATTRACTIVE FOLLOWING POSITIVE OPERATING LEVERAGE AFTER LARGE EXPENSE REDUCTIONS
— amit (@amitisinvesting) August 12, 2024
Vlad Tenev, Robinhood CEO, pointed out an interesting trend amidst market instability: instead of offloading their investments, many investors are actually increasing their portfolios by buying during the downturn.
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2024-08-13 12:26