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Cathie Wood’s ARK Invest Backs Robinhood on Grim Stock Debut, Buys 1.2M Shares

using Robinhood app to monitor equities rates for trader broker workers in stock exchange market from smartphone with monitor background

Cathie Wood’s ARK Investment Management bought HOOD shares, hours after they made their debut on the Nasdaq exchange, according to a report by Coindesk on Friday.

The New York-based investment manager’s ARK fund purchased 1.3 million Robinhood shares. The fund usually invests in tech stocks.

Robinhood shares, trading under the ticker symbol HOOD, dropped by 8.4% closing at #4.82 after an opening  IPO of around $38 on Thursday.

Earlier in July, Robinhood started unconventionally offering a percentage of its initial public offering to users via its apps, which some considered to be a risky gamble.

ARK is heavily invested in cryptocurrencies and blockchain-centric businesses. In April, the investment firm made a huge purchase in Coinbase’s stock. That stock is trading at $234, down 40%. ARKK down 0.041%, HOOD down 0.35%

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