Cathie Wood’s ARK Invest ETFs (exchange-traded funds) reported several key trades for Thursday, December 11. The prominent hedge fund manager capitalized on the 9% drop in Robinhood Markets (HOOD) shares, an online brokerage firm, due to weak November trading volumes. At the same time, the firm continued to trim positions across several innovation-focused names, including Ibotta (IBTA) and Iridium Communications (IRDM).
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Wood Increases Exposure in Robinhood Stock
ARK’s largest move of the day was a strong buy in Robinhood. The firm bought 124,427 shares worth about $16.9 million through ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). This follows a smaller buy on December 5 and signals rising confidence in Robinhood as user activity and new products gain traction.
Robinhood reported a sharp slowdown in November activity: equity trading volumes fell 37%, options dropped 28%, and crypto slipped 12%. Weaker markets also pushed assets under custody down 5% to $325 billion, marking the first decline since February. Even so, the firm still posted solid net deposits of $7.1 billion, up 27% from October.
On TipRanks, Robinhood’s stock has a consensus Moderate Buy rating among 20 Wall Street analysts. That rating is based on 14 Buy, five Hold, and one Sell recommendations issued in the last three months. The average HOOD price target of $151.39 implies 22.57% upside from current levels.
ARK Also Builds Positions across Schrodinger, Nurix, and Bitcoin ETF
ARK also increased its stakes in two biotech names. It bought 36,554 shares of Schrodinger (SDGR) through the ARK Genomic Revolution ETF (ARKG) and 26,928 shares of Nurix Therapeutics (NRIX). Nurix has been a steady buy this week, showing ARK’s interest in drug design tools and new cell therapy work.
In digital assets, ARK bought 13,700 shares of the ARK 21Shares Bitcoin ETF across ARKW and the ARK Fintech Innovation ETF (ARKF), extending its gradual build in crypto exposure.
Wood Reduces Exposure to Ibotta and Iridium
On the sell side, ARK continued to cut Ibotta, offloading 26,699 shares after two earlier sales this week, including a large 99,188-share trim on December 9. The steady selling suggests a shift away from the rewards-app space.
ARK also reduced Iridium by selling 3,150 shares, following a major 176,093-share cut on December 10. These repeated trims point to lower conviction in satellite stocks at current prices.
How Wall Street Sees These Stocks
Let’s see how some of these stocks perform using the TipRanks Stock Comparison Tool:
Ibotta holds a Hold rating despite about 27% upside. Meanwhile, Iridium has a Moderate Buy call with roughly 36% upside. Schrodinger also carries a Moderate Buy, offering the highest upside at 46%. And finally, Nurix leads the group with a Strong Buy rating and about 41% upside.
