Cathie Wood-led ARK Investment Management sold 85,337 shares of financial services company Robinhood Markets Inc (NASDAQ:HOOD) at an estimated valuation of over $888,000 based on Tuesday's closing price. The sale was done through the ARK Fintech Innovation ETF (NYSE:ARKF).
Robinhood is the seventh largest holding of the fund with a weight of 4.97%. ARK seems to have taken advantage of the recent rally in the markets to offload part of its holdings as the company's shares gained over 28% since the beginning of 2023. Despite its recent rally, the stock is still down more than 28% over the past one-year period.
Also Read: How To Buy Stocks On Robinhood
Chart Patterns: The stock has support close to the $7.6 level and is hovering very close to its near-term resistance of $10.5. If it breaches this level on the upside, it is likely to move close to the $11.5 mark following which it faces a crucial resistance at the $12.48 level.
Options expiring on Feb. 3 indicate Robinhood stock faces stiff resistance all the way from the $10.5-$11.5 level during the week support comes in between $9.5-$10.
Source: Trading View
With the company scheduled to report its earnings on Feb. 8 and with the Federal Reserve set to announce its policy on Wednesday, the stock's implied volatility is on the higher side, in line with the general market.
Major Sale: ARK also sold 48,505 shares of Exact Sciences Corp (NASDAQ:EXAS) at an estimated valuation of over $3.2 million based on Tuesday's closing price. The sale was done via the ARK Genomic Revolution ETF (NYSE:ARKG).
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