- Ark Invest sold 275,572 shares of Robinhood worth $26.7 million on Wednesday.
- HOOD shares have surged over 36% in the past month, driven by expansion into IPO underwriting and strong metrics.
- Wall Street firms like Deutsche Bank and Argus raised their price targets, maintaining bullish ratings on the stock.
Cathie Wood’s ARK Innovation ETF sold a significant stake in Robinhood Markets Inc. this week, even as the brokerage’s stock continues its recent rally. According to a report, the fund offloaded 275,572 shares for approximately $26.7 million on Wednesday.
Consequently, this move follows recent divestments by ARK as the firm takes profits. The sale occurred as HOOD shares extended gains, closing nearly 9% higher and rising over 36% in the past month.
Several catalysts support this surge, including Robinhood’s expansion into IPO underwriting and record platform assets of $377 billion. The elimination of the Pattern Day Trader rule and the high-profile SpaceX IPO are also expected to drive activity.
CEO Vladimir Tenev celebrated customer participation in a recent post on X. He stated, “When we launched IPO Access 5 years ago, we hoped it would open the door for more everyday investors to participate in moments like this.”
Meanwhile, Wall Street analysts remain bullish on the stock’s prospects. Deutsche Bank raised its price target to $105, citing record June trading volumes across equities and options.
Argus also increased its target to $110, noting Robinhood is positioned for years of growth. The firm viewed the company’s planned 10% workforce reduction positively, suggesting a leaner organization could speed up decision-making.
Retail sentiment on platforms like Stocktwits has shifted from ‘neutral’ to ‘bullish’. One user praised Tenev, declaring, “Vlad is a beast of a CEO. Everything good in the Hood!”
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