ARK Innovation ETF sold 275,572 shares of Robinhood Markets Inc. for $26,650,568 on Wednesday, according to a report from Investing.com. The sale followed recent divestments in the company amid profit-taking in the stock. HOOD shares rallied more than 36% in the last month, extending gains with a nearly 9% close on Wednesday and a nearly 2.5% increase in late overnight trading.
Robinhood Reports Record Platform Assets and Trading Activity
Robinhood reported strong May operating metrics, with total platform assets reaching a record $377 billion, up 48% year-over-year. The company expanded into IPO underwriting and reported strong trading activity. CEO Vladimir Tenev said in a post on X that 855,424 Robinhood customers requested shares in the SpaceX IPO. "This was the largest IPO ever, and the largest for IPO Access," Tenev said. The company also benefited from the elimination of the Pattern Day Trader rule and the SpaceX IPO.
Deutsche Bank and Argus Raise Price Targets on Wednesday
Deutsche Bank increased its price target on Robinhood to $105 from $103 on Wednesday while maintaining a 'Buy' rating on the shares. The analyst cited record June trading volumes across equities, options, and prediction markets. Argus increased its price target to $110 from $90 on Wednesday while maintaining a 'Buy' rating. Argus said Robinhood is positioned for years of growth as it expands its customer base and broadens offerings across investing, retirement, prediction markets, and other financial services. The firm viewed the company's planned workforce reduction positively, saying a leaner organization could speed up decision-making, product development, and responsiveness to market trends.
Robinhood Announces 10% Workforce Reduction
Robinhood announced plans on Tuesday to reduce its workforce by approximately 10% as part of an effort to maintain a lean and efficient operating structure. The restructuring is expected to result in about $20 million in cash-related charges and $8 million in stock-based compensation expenses, which will be recognized in the second quarter of 2026.
Retail Sentiment Shifts to Bullish on Stocktwits
On Stocktwits, retail sentiment around HOOD improved from 'neutral' to 'bullish' territory over 24 hours amid 'high' message volumes. One user said, "Vlad is a beast of a CEO. Everything good in the Hood!" Another user said, "I will not be selling a single share not even a considerable thought until we are at least at $170." HOOD stock has declined more than 8% in value in 2026.
FAQ
How much Robinhood stock did ARK Invest sell on Wednesday?
ARK Innovation ETF sold 275,572 shares of Robinhood for $26,650,568 on Wednesday, according to a report from Investing.com.
What price targets did analysts set for Robinhood on Wednesday?
Deutsche Bank raised its price target to $105 from $103 while maintaining a 'Buy' rating. Argus raised its price target to $110 from $90 while maintaining a 'Buy' rating.
What were Robinhood's total platform assets in May?
Robinhood reported total platform assets reached a record $377 billion in May, up 48% year-over-year.
