Cathie Wood Spent $13.4 Million on Robinhood Stock. Is its Falling Stock Price a Buying Opportunity?

In mid-December, Cathie Wood of ARK Invest snapped up shares of the popular retail brokerage Robinhood (NASDAQ: HOOD) to the tune of $13.4 million. That's not an insignificant buy, considering ARK's Blockchain & Fintech Innovation ETF owns over $59 million of Robinhood stock. Robinhood is now the fund's fourth-largest holding, accounting for roughly 5.2% of its investments.Robinhood has had a fantastic year, with the stock up more than 215% (as of Dec. 26). However, the stock has slipped lately and and is now down about 18% since the beginning of November. Should investors follow Wood and buy the dip?It's been a banner year for Robinhood, as a pro-crypto Trump administration has allowed the company to go full speed ahead on its crypto offerings, with less concern about regulatory pushback. Additionally, the integration of prediction markets and a robust stock market has also fueled the company's growth, resulting in a significant increase in funded investment accounts, assets under management, and improved profitability.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool