Several investment management firms mainly hold stocks of crypto-based companies. A significant portion of Robinhood (HOOD) shares held by Cathie Wood, a notable figure in the crypto world, has been sold off.

Ark Invest, a major firm, owns shares of various companies like Tesla, Coinbase Global Inc., Roku Inc., and Robinhood (HOOD), among others.

Cathie Wood has sold 1.5 million Robinhood shares from three ARK group companies. The current trading price of Hood stock is $19.08, showing a growth of 22.39%.

There are concerns that HOOD stock might open lower than its previous closing price because of the massive sell-off of shares. The yearly price target for the stock, according to TradingView, is $16.14.

The recent sale of HOOD stock is the largest by ARK Invest since they first acquired it in 2023. ARK holds 4.26% of the total HOOD shares, valued at $333,312,889.32.

In the last quarter of 2023, HOOD stock's EPS grew 327%, from an estimated negative $0.01. The company reported revenue of $471 million, surpassing the estimated $454.73 million.

Other News

ARK Invest also divested its entire Nvidia Corp stock holdings and sold Zoom Video Communication shares for $12.4 million.

Robinhood announced the availability of its in-house wallet service on the Play Store to enable convenient asset management for users, following the success of its iOS wallet application.

Recent data indicates that Robinhood has about 23 million funded accounts and roughly 10.9 million active users.

Bakkt Holdings, Inc., operating at the intersection of crypto assets, rewards, and loyalty, provides payment services and revenue streams as mentioned on their website.

As for the Q4 2023 report, the estimated EPS was negative $0.26, slightly higher than the reported EPS of -$0.29.

Crypto Market Price Update

As of the beginning of 2024, the crypto market capitalization has surged by over 5.30%, reaching $2.66 trillion. Bitcoin (BTC) saw a 4.70% increase intraday, trading at $70,699.

Ethereum's price rose by 4.53% in the last 24 hours, while the memecoin Dogwifhat (WIF) experienced a significant 19% intraday surge.

The memecoin sector has seen significant growth lately with the emergence of new projects like Pepe (PEPE), DEVAI (0XDEV), Ondo (ONDO), EGO (EGO), and Book of Meme.

Disclaimer

The opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice.