Cathie Wood Sells Another $59M In Tesla And Buys The Dip In Robinhood And This Social Media Stock

Cathie Wood’s money managing firm Ark Invest on Wednesday further raised its exposure in Robinhood Markets Inc (NASDAQ: HOOD) as shares of the financial services company tanked after reporting earnings for the latest quarter.

Ark Invest bought 2.24 million shares — estimated to be worth $79.4 million — in Robinhood Markets on the day the stock tanked 10.44% to $35.44 a share.

Robinhood reported third-quarter revenue of $365 million after hours on Tuesday, up 35% year-over-year but missed analysts’ estimates of $431.3 million.  The company noted a decline in cryptocurrency activity during the quarter.

See Also: Retail-Investor Focus Shifted From Dogecoin To Equities In Q3, Says Robinhood As Crypto Revenue Takes A Hit

The company noted the cryptocurrency decline was partly due to a fall in demand for Dogecoin (CRYPTO: DOGE), which touched an all-time high of $0.74 in May the first and has plummeted 66.3% since then.

Ark sold Robinhood shares via the Ark Innovation ETF (NYSE: ARKK), the Ark Fintech Innovation ETF (NYSE: ARKF), and the Ark Next Generation Internet ETF (NYSE: ARKW) on Wednesday. No other Ark Invest ETF owns shares in the company.

Wood’s investment management firm held 9.73 million shares — worth $385.36 million — in Robinhood ahead of Wednesday’s trade.

Robinhood stock is up 1.78% since its public listing in July.

See Also: Cathie Wood Sells Another $120M In Tesla On Tuesday And Buys This Social Media Stock

Here are a few other key trades for Ark on Wednesday:

• Sold 57,106 shares — estimated to be worth $59.26 million — in Tesla Inc (NASDAQ: TSLA). Including the latest sale, Ark Invest has sold about $1.09 billion worth of shares in Tesla since the start of September.
• Bought 1.1 million shares — estimated to be about $60.68 million — in Twitter Inc (NYSE: TWTR), on the day shares of the social media company closed 10.78% lower at $54.81 a share.
• Sold 106,531 shares — estimated to be worth $33.2 million — in Coinbase Global Inc (NASDAQ: COIN) on the day shares closed 2.45% lower at $311.67 a share.

Photo: Courtesy of Robinhood