HOOD Stock Gains Pre-Market After Cathie Wood’s ARK Invest Scoops Up $15M Stake

The purchase followed Robinhood’s ‘Take Flight’ keynote, where the company introduced a new “invite-only” platinum credit card and additional platform features.

• Cathie Wood’s ARK Invest purchased nearly $15 million worth of Robinhood shares across three ETFs during Wednesday’s market decline.
• The largest share went to the asset manager’s flagship ARK Innovation ETF, with smaller allocations to ARK Fintech Innovation ETF and ARK Next Generation Internet ETF.
• Retail sentiment on Stockwits across the three funds varied on Friday morning.

Cathie Wood’s ARK Invest bought up nearly $15 million worth of Robinhood (HOOD) shares as the market dropped on Wednesday.

Wood’s purchase comes after CEO Vlad Tenev launched Robinhood’s new “invite-only” platinum credit card during the company’s ‘Take Flight’ keynote event. She added 158,259 Robinhood shares to the ARK Innovation ETF (ARKK), another 5,267 shares to the ARK Fintech Innovation ETF (ARKF), and 20,407 shares to the ARK Next Generation Internet ETF (ARKW). 

As per HOOD’s closing price of $80.56, after the stock fell more than 2%, the purchase cost Wood around $14.8 million. HOOD’s stock edged 0.45% in pre-market trade on Friday, with retail sentiment around the company trending in ‘bearish’ territory on Stocktwits. Chatter rose to ‘normal’ from ‘low’ levels over the past day. 

HOOD retail sentiment and message volume on March 6 as of 4:05 a.m. ET | Source: Stocktwits

Retail Sentiment Across ARK Funds Shows Mixed Signals

Retail sentiment on Stocktwits across ARKK, ARKF, and ARKW varied on Friday. The asset manager’s flagship ARK Innovation ETF edged 0.42% higher in pre-market trade, with retail sentiment trending in ‘bullish’ territory over the past day and chatter at ‘normal’ levels. 

ARKK retail sentiment and message volume on March 6 as of 4:10 a.m. ET | Source: Stocktwits

Meanwhile, the ARK Fintech Innovation ETF moved 0.6% higher in pre-market trade on Friday, but retail sentiment trended in ‘bearish’ territory over the past day. Chatter remained at ‘high’ levels.

ARKF retail sentiment and message volume on March 6 as of 4:10 a.m. ET | Source: Stocktwits

Retail sentiment around the ARK Next Generation Internet ETF fell to ‘neutral’ from ‘bullish’ territory over the past day. It also saw chatter trending at ‘high’ levels.

ARKW retail sentiment and message volume on March 6 as of 4:10 a.m. ET | Source: Stocktwits

One user said that ARK is scooping up more Robinhood shares in anticipation that HOOD’s stock will break its record high.

Announcements From Robinhood’s ‘Take Flight’ Keynote Event

Robinhood’s new $695-a-year card offers rewards like 5% back on flights, 10% back on hotels, and 5% cash back on dining, among other perks. The company also announced the launch of a “family hub” where all accounts from a single household will be visible in one place. Robinhood said the feature will likely roll out later this year. 

It also announced custodial accounts, designed to allow parents and guardians to invest on behalf of minors, as well as trust accounts for customers using revocable living trusts as part of estate planning and wealth transfer strategies. 

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