ARK Investment Management snaps up stake in Robinhood despite tepid debut

Cathie Wood’s ARK Investment Management has nabbed a stake in retail trading platform Robinhood Markets Inc shortly after the firm made its debut on the Nasdaq on Thursday. Through its ARKK fund, ARK snapped up around 1.3mln shares in the company shortly after its shared opened for trading, however, the fund may be regretting its investment already after Robinhood’s shares ended their first session at US$34.82, down 8.4% on their IPO price of US$38. READ: Robinhood tumbles after retail investors buy quarter of IPO shares However, ARK has experience backing high-profile listings that have turned out to be less than desirable. The investment manager heavily supported crypto exchange Coinbase Global Inc when it made its own highly-anticipated direct listing on the Nasdaq in April. However, despite a reasonable start, the shares in the group are currently down around 38% from their opening bid price of US$381.