According to a report from Investing.com, ARK Innovation ETF sold 275,572 shares of Robinhood on Wednesday for a total value of $26,650,568.
- HOOD shares have surged more than 36% in the last month alone.
- Robinhood's recent rally has been supported by several positive catalysts, including its expansion into IPO underwriting, strong trading activity, insider buying, and favorable regulatory changes.
- Wall Street remains bullish on Robinhood, with both Deutsche Bank and Argus raising their price targets on the stock on Wednesday.
Cathie Wood’s ARK Invest has reportedly offloaded a significant amount of shares in Robinhood Markets Inc. (HOOD) once again, even as the stock has rallied in recent weeks.
According to a report from Investing.com, ARK Innovation ETF (ARKK) sold 275,572 shares of the brokerage firm on Wednesday for a total value of $26,650,568. The latest sale follows recent divestments in the company amid a profit-taking in the stock.
HOOD shares were up nearly 2.5% in late Wednesday overnight trading, extending a rally that saw the stock up nearly 9% higher at close. The stock has rallied more than 36% in the last month alone.
HOOD Stock: Recent Catalysts
Robinhood's recent rally has been supported by several positive catalysts, including its expansion into IPO underwriting, strong trading activity, insider buying, and favorable regulatory changes. The company also reported strong May operating metrics, with total platform assets reaching a record $377 billion, up 48% year-over-year.
Additional tailwinds include the elimination of the Pattern Day Trader rule and the high-profile IPO of SpaceX, both of which are expected to drive retail trading activity and customer growth.
“Congratulations to the 855,424 Robinhood customers who requested shares in the $SPCX IPO — you're now $SPCX owners. This was the largest IPO ever, and the largest for IPO Access,” CEO Vladimir Tenev said in a post on X.
“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, and it's been incredible to watch the vision become a reality. Thank you for being part of it,” he added.
Wall Street Sees Further Upside
Wall Street remains bullish on Robinhood, with both Deutsche Bank and Argus raising their price targets on the stock on Wednesday. Deutsche Bank increased its target to $105 from $103 while maintaining a 'Buy' rating on the shares. The analyst cited record June trading volumes across equities, options, and prediction markets, while noting that recent operational changes reflect strength rather than weakness in the business.
Argus also increased its price target on the company to $110 from $90 while maintaining a ‘Buy’ rating. It said that Robinhood is positioned for years of growth as it expands its customer base and broadens offerings across investing, retirement, prediction markets, and other financial services. The firm also viewed the company's planned workforce reduction positively, saying a leaner organization could speed up decision-making, product development, and responsiveness to market trends.
Earlier on Tuesday, the company announced plans to reduce its workforce by approximately 10% as part of an effort to maintain a lean and efficient operating structure. The restructuring is expected to result in about $20 million in cash-related charges and $8 million in stock-based compensation expenses, which will be recognized in the second quarter of 2026.
HOOD Stock: Retail Stance
On Stocktwits, retail sentiment around HOOD improved from ‘neutral’ to ‘bullish’ territory over 24 hours amid ‘high’ message volumes.
One bullish user praised Tenev, saying “Vlad is a beast of a CEO. Everything good in the Hood!”
View this Stocktwits post
Another user said, “I will not be selling a single share not even a considerable thought until we are at least at $170. There will not be one share taken from me one dollar or one penny earlier anytime after 170 I may start trimming but end goal is $200 and that’s bare minimum in my opinion.”
View this Stocktwits post
HOOD stock has declined more than 8% in value in 2026.
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