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Cathie Wood’s ARK Invest Takes Profits on Roblox and Robinhood Amid Market Rally
Cathie Wood’s ARK Invest Takes Profits on Roblox and Robinhood Amid Market Rally
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BTCCSquare news:
ARK Investment Management, led by Cathie Wood, sold 247,753 shares of Roblox Corp. (RBLX) worth approximately $18.77 million on June 26. The MOVE signals profit-taking as the gaming platform's stock recently hit a 52-week high, buoyed by strong user engagement and monetization efforts.
Oppenheimer analyst Martin Yang raised his price target on Roblox from $80 to $125, maintaining a Buy rating. The firm highlighted Roblox's potential in ad revenue growth and market share gains.
ARK also reduced its position in Robinhood (HOOD), suggesting portfolio rebalancing after recent rallies. Both stocks have seen significant upward momentum, prompting institutional investors to lock in gains.
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