Ark Invest snapped up a complete of round $4.7 million value of Robinhood Markets (HOOD) – Get Free Report Tuesday. The buy was unfold throughout Ark’s Innovation ETF and Ark’s Fintech Innovation ETF, with Ark Innovation choosing up the majority of the acquisition at 343,337 shares.
The multi-million greenback buy comes a day after Ark, throughout the identical funds, picked up greater than 500,000 shares of Robinhood, valued at round $5.5 million.
Related: Cathie Wood’s favourite tech inventory is dealing with a telling new drawback
Robinhood, the digital monetary providers app, has been an Ark favourite for some time. Ark Innovation owns just below 21 million shares within the firm, value round $224.8 million and weighted at 2.88% of the fund.
The ETF’s largest holdings stay centered round Tesla (TSLA) – Get Free Report and Roku (ROKU) – Get Free Report — Ark Innovation’s 3.2 million Tesla shares are value round $875.8 million; the agency’s 7.9 million Roku shares are value $643.9 million.
The buy comes just a few weeks after Robinhood reported second-quarter earnings of $.03 per share, beating analyst estimates of a lack of $.01 per share and attaining GAAP profitability for the primary time within the firm’s public historical past.
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- Cathie Wood dumps $15 million of one in every of Ark’s largest holdings
- Cathie Wood takes $1 million out of a wildly profitable inventory earlier than earnings
The firm’s income for the quarter jumped 10% to $486 million; Robinhood reported web revenue of $25 million, in comparison with the earlier quarter’s web lack of $511 million ($.57 per share).
Robinhood had 10.8 month-to-month energetic customers for the second quarter, making up the $89 billion in belongings the agency has beneath custody.
“Reaching GAAP profitability is a testament to the work our team has done to transform the business and better position Robinhood to drive shareholder value,” Jason Warnick, Robinhood’s CFO, stated in an announcement. “With 5 consecutive quarters of income and Adjusted EBITDA progress, we’re persevering with to drive effectivity throughout our operations whereas investing in buyer expertise.”
Robinhood’s inventory, which is up 32.6% for the yr, closed at $10.80 per share and fell barely in pre-market buying and selling.
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Source: www.thestreet.com
