Cathie Wood’s Ark Invest Purchases $3.5 Million in Robinhood Shares

Cathie Wood's Ark Investment Management (Ark Innovation ETF) acquired 28,589 shares of Robinhood (HOOD) for approximately $3.5 million on September 4, reversing a recent trend of selling. The move follows Robinhood's stock price rising over 30% in a month, bolstered by Bitcoin (BTC) performance and interest rate cut expectations. Deutsche Bank has raised its price target for Robinhood to $136, citing strong growth in transaction fee revenue from Robinhood Chain.