Cathie Wood Sells More DraftKings. Goldman Cuts Robinhood Target Due To These Metrics.

Cathie Wood continued on Thursday to shift her DraftKings holdings. Her ARK Invest firm over the past two days sold over 584,000 shares of the sportsbook operator worth nearly $13.2 million. Goldman Sachs cut its price target on Robinhood stock after the mobile broker on Thursday released its January metrics.

Cathie Wood on Thursday sold 480,919 shares of DraftKings (DKNG) from the ARK Innovation ETF (ARKK), worth $10.8 million based on DKNG stock’s closing price of 22.49. The firm on Wednesday sold 103,218 shares from that same ETF, worth $2.39 million, based on DraftKing’s closing price of $23.21 that day.

				    ↑
					X

This video file cannot be played.(Error Code: 102630)

								Stocks Fall, Oil Jumps On Iran Fears; GE Aerospace, Planet Labs, Cameco In Focus
							

							

								See All Videos
							

						

					
					
						NOW PLAYING
						Stocks Fall, Oil Jumps On Iran Fears; GE Aerospace, Planet Labs, Cameco In Focus

As of Friday, DraftKings represented 0.27% of the ARK Innovation ETF, making it the 43rd largest holding in the fund.

DraftKings also makes up 0.79% of the ARK Next Generation Internet ETF (ARKW) and 1.85% of the ARK Blockchain & Fintech Innovation ETF (ARKF), respectively, as of Friday.

Wood and ARK unloaded a sizable chunk of their DraftKings holdings last week amid the sportsbook’s Q4 earnings miss.

DKNG stock ticked lower early Friday, set to add to its 3.1% slide on Thursday. Shares have been on a steep decline since the start of the year, falling almost 35%.

Goldman Sachs Cuts Robinhood Stock Target

Goldman Sachs analyst James Yaro on Friday lowered its price target on Robinhood (HOOD) stock after the company released its January user metrics, according to The Fly.

Robinhood reported 27.2 million funded customers at the end of January, an increase of 190,000 from December and increasing by 1.75 million above last year. Total platform assets at the end of January were $324 billion, rising 1% from December and spiking 59% year over year.

Robinhood recorded $4.5 billion in net deposits for the month, representing a 17% annualized growth rate compared to December’s total platform assets.

Why Robinhood, Bloom Energy Show The Perils Of Investor Preconceptions

Equity notional trading volumes increased 21% from December and surged 57% from last year. Crypto notional trading volumes increased 8% from December to $22.9 billion, representing 12% growth from last year.

Robinhood reported 200 million in options contracts traded, which was flat from December but up 20% from last year.

The number of event contracts trades increased 17% from December to 3.4 billion.

Yaro noted that platform activity remained robust, as Robinhood app downloads increased 30% month over month. He added that daily commission rose 13% to $10 million, which prompted an update to January-adjusted estimates.

Goldman Sachs lowered its price target on HOOD stock to 111 from 130 but kept a buy rating on the shares. The updated target represents almost a 47% premium to Robinhood’s Thursday closing price of 75.65.

HOOD stock rose 1.2% Friday, on track for its second gain this week. Robinhood shares have been on a downtrend since December and are down 33% this year.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison.

YOU MAY ALSO LIKE:

Join IBD Live And Learn Top Chart Reading And Trading Techniques From Pros

Learn How To Time The Market With IBD’s ETF Market Strategy

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

How To Invest: Rules For When To Buy And Sell Stocks In Bull And Bear Markets