3 Reasons I Think Cathie Wood Is Buying Robinhood Stock Again
The famed growth investor spent the summer selling. The brokerage's latest monthly numbers hint at what she may be seeing.
Overview
Cathie Wood's ARK Invest went back to Robinhood (NASDAQ:HOOD) this month. The firm bought 28,589 shares of the brokerage for its flagship ARK Innovation ETF on Sept. 4, then added 27,083 more on the first trading day after the Labor Day break.
The purchases mark a reversal. ARK sold Robinhood shares for much of the summer, unloading a big block in July and selling again as recently as Aug. 26. And while the firm discloses its trades daily, those notices don't explain the reasoning, so Wood hasn't said what changed her mind.
Details
The first of the two buys came one day after shares jumped about 17% in a single session. Even after that pop, the stock (about $113 as of this writing) would still have to climb about 36% to get back to its 52-week high of $153.86.
Source
Originally published at www.fool.com.