A slew of sell-side analysts lowered their price targets for Robinhood Markets, Inc. (NASDAQ:
HOOD) shares after the company reported underwhelming fourth-quarter results on Thursday.
Cathie Wood's Ark Invest, however, deemed it fit to add to its position.
What Happened: Ark Invest bought 2,447,100 shares of Robinhood on Friday, daily trade information from the money management firm showed. At Friday's closing price of $12.73, the total purchase price works out to $31.15 billion.
Ark Invest holds the stock in three of its funds, namely ARK ETF Trust - ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (NYSE:ARKF).
With the latest purchase, Robinhood accounts for 0.1926% of Ark Invest's flagship ARKK ETF. The top holding in the fund is Tesla, Inc. (NASDAQ:
TSLA), which has an 8.07% weighting.
