Alphabet, the owner of Google, has sharply cut its stake in Robinhood Markets, although, Cathie Wood is still buying shares in the trading platform for her ARK funds.
Alphabet
(ticker: GOOGL) reduced its investment in
Robinhood
(HOOD) by nearly 90% according to a filing on Friday. At the end of June. the tech titan held 612,214 shares, compared with 4,928,535 shares at the end of March.
In Friday trading, Robinhood shares were down 0.1%, to $11.53, after sinking more than 7% on Thursday. The company’s first quarterly profit was overshadowed by a fall in trading activity.
Alphabet made several investments in Robinhood through its venture-capital business while the trading platform was still a private company, Bloomberg reported. The value and timing of the sale of the Robinhood shares is unclear, although Alphabet’s current stake is worth $7.1 million.
In marked contrast, Wood’s flagship
ARK Innovation ETF
(ARKK) bought 365,748 Robinhood shares, according to a disclosure made Thursday. Her
ARK Next Generation Internet ETF
(ARKW) and bought 70,111 shares and 46,422 shares bought by the
ARK Fintech Innovation ETF
(ARKF).
Wood has been a longtime buyer of Robinhood. ARK is the second largest institutional holder of the stock, with a 4.1% stake, according to FactSet. Vanguard is the largest.
Write to Adam Clark at [email protected]
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