ARK Invest Sells $26.7M Robinhood Shares After 36% One-Month Rally
HOOD•ARK sold 275,572 Robinhood shares valued at $26.65M after a 36% one-month rally. Robinhood reported record platform assets of $377B, up 48% year-over-year, and secured a Deutsche Bank price target increase to $105.
1. ARK Invest Divests $26.65M in Robinhood
ARK Innovation ETF offloaded 275,572 Robinhood shares on Wednesday for a total of $26,650,568, marking another profit-taking move following the stock’s recent surge.
2. Robinhood Stock Rally Drivers
HOOD shares have climbed 36% over the past month, buoyed by expansion into IPO underwriting, robust trading activity, insider purchases and favorable regulatory changes.
3. Record Operating Metrics
In May, total platform assets reached a record $377 billion, up 48% year-over-year, driven by higher trading volumes, the removal of the Pattern Day Trader rule and participation of 855,424 customers in the $SPCX IPO.
4. Analyst Outlook and Price Target
Deutsche Bank raised its price target to $105 from $103, citing record June trading volumes across equities, options and prediction markets, while Argus also lifted its projection, reflecting ongoing bullish sentiment.
