Cathie Wood Buys The Dip on Robinhood Stock, HOOD Price Up 10% Over The Week
Highlights
- Ark Invest buys 45,792 Robinhood stocks worth over $800,000.
- This comes following a continued strategy as the firm buys the dip.
- HOOD stock price has jumped over 10% in the past week as recovery is on the cards.
Cathie Wood Ark Invest purchased 45,792 Robinhood stocks doubling down on the tech stop amid the recent dip. The company continues to pick up pummeling tech stocks as its strategy garners wider attention. HOOD stock price gained slight momentum this week with buy-ins despite volatility.
Cathie Wood Purchases Robinhood Stock
Cathie Wood bought 45,792 Robinhood stocks worth over $800,000 on July 12. This follows a continued pattern of Ark Invest buying the dip in tech stocks following the latest market dip. After a massive run in Q1 2024 on the back of a tech-driven surge, the asset plummeted as momentum stalled. In the last 30 days, the crypto stock fell over 22% as some holders dumped the asset.
However, buying opportunities opened for Cathie Wood and other investors who continue to rake in the asset. Last week, Ark Invest bought $2.4 million worth of HOOD stock amid its positive earnings. Similar purchases were also made in Coinbase amid the recent stock dip showing wider optimism for both crypto stocks. The company also purchased Alphabet stock and added its dump of two Ethereum Futures ETFs, ProShares EETH and its own ARKZ.
Robinhood which recorded a better-than-expected Q2 report continues to endear the crypto community as its foray into the market drives growth. In its latest report, revenue accrued from its crypto segments soared 161% compared to last year.
Stock Price Jumps Weekly 10%
Despite the recent dip, HOOD stock price stands at $18.54, closing Monday with a 3.4% surge. This uptick has extended through the past week as it recorded over a 10% increase in price. Similar weekly recovery was also seen in Coinbase stock price although the asset remains in the red zone.
The Bank of America cited rising retail engagement, organic growth, and a positive operating leverage as reasons for its bullish projection on Robinhood stocks.
BANK OF AMERICA ON ROBINHOOD $HOOD TODAY:
UPGRADE TO $32 WITH A BUY ✅
SEES ORGANIC GROWTH CONTINUING TO ACCELERATE ✅
RAISES EPS TARGET TO $1.45 BY 2026 ✅
SEES VALUATION AS ATTRACTIVE FOLLOWING POSITIVE OPERATING LEVERAGE AFTER LARGE EXPENSE REDUCTIONS ✅ pic.twitter.com/sFWH0l3K7v
— amit (@amitisinvesting) August 12, 2024
Robinhood CEO Vlad Tenev noted that despite the market volatility, investors are adding to their portfolios rather than selling as many bought into the dip.
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