Business Maverick: Cathie Wood Boosts Robinhood Buying With Stock at Record Low

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Cathie Wood stepped up buying of Robinhood Markets Inc. shares as the online broker’s stock dropped to a record low following earnings that fell short of Wall Street expectations.

Wood’s firm ARK Investment Management bought nearly 2.44 million Robinhood shares on Friday, the most since its stock market debut in July, according to trading data from Ark compiled by Bloomberg. The buying came on a day when the firm’s stock at one point dropped below $10, before staging a rebound in line with the broader U.S. market.

Ark, which is already one of the firm’s top shareholders, has bought its shares almost every week since late October, when the stock dropped below its IPO price of $38, according to data compiled by Bloomberg.

 

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