Cathie Wood's ARK Invest reversed its recent selling of Robinhood shares, buying 28,589 HOOD shares on September 4, worth around $3.5 million. The purchase ends a 9-day pause after she sold 25,009 shares on August 26. Robinhood's stock has gained over 30% in the past month, outperforming Bitcoin's 23% rise to near $80,000. Deutsche Bank boosted its price target for Robinhood from $115 to $136 on September 4, citing the explosive growth of its Robinhood Chain fee income, which jumped from under $200,000 per day in mid-August to over $3 million by early September. The bank expects the annualized run rate to exceed $100 million. HOOD is now the seventh-largest holding in the ARK Innovation ETF at a 4.28% weight. Wood also added to positions in Veracyte, Intellia Therapeutics, and the 3iQ Solana Staking ETF, while trimming Tempus AI and Twist Bioscience.
Cathie Wood's ARK Invest reversed its recent selling pattern for Robinhood (HOOD), adding 28,589 shares worth approximately $3.5 million to the ARK Innovation ETF (ARKK) on September 4. The purchase comes nine days after Wood sold 25,009 shares on August 26.
Robinhood's stock has climbed more than 30% over the past month, outperforming Bitcoin, which rose about 23% to near $80,000 over the same period. As of September 4, HOOD represented the seventh-largest holding in the ARKK portfolio, with a weight of 4.28%.
Deutsche Bank raised its price target for Robinhood from $115 to $136 on September 4, maintaining a "Buy" rating. The upgrade was driven by soaring fee income from Robinhood Chain. Daily revenue from the platform jumped from less than $200,000 in mid-August to over $3 million by early September. The bank estimates the annualized run rate could exceed $100 million.
In the same trading session, Wood also disclosed new purchases in Veracyte, Intellia Therapeutics, and the 3iQ Solana Staking ETF. She reduced positions in Tempus AI and Twist Bioscience.
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