Banking

Robinhood Stock Jumps As Cathie Wood Reveals Another New Huge Buy

Fund manager Cathie Wood has continued to load up on shares of the popular trading app Robinhood (HOOD). Robinhood stock jumped past its IPO price.

Wood’s ARK Innovation ETF (ARKK) on Tuesday disclosed that it held around 4.9 million shares of Robinhood stock, representing a weighting of 0.82% in the fund.

That’s up from the 3.6 million disclosed last week, when it represented a 0.55% weighting.

Robinhood stock closed up 24.2% at 46.80 in the stock market today, putting the value of Wood’s holdings at $230 million.

The startup priced 55 million shares Wednesday at $38 a share, raising $2.1 billion. But the pricing came in at the low end of its expected range.

CNBC’s Jim Kramer on Monday also said Robinhood stock was still worth buying, given its appeal to younger investors.

However, amid this year’s meme-stocks trading frenzy, the trading platform angered retail investors after placing restrictions on GameStop (GME), AMC Entertainment (AMC) and other stocks that became popular on Reddit.

Robinhood stock has a 29 Composite Rating and a 23 EPS Rating.

Last week, Robinhood said 301,573 users participated in the IPO, representing about 1.3% of the company’s 22.5 million funded accounts as of June 30.

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