Robinhood Stock Hits Six-Month High as ARK Invest Sells $28.5M Worth of HOOD Shares

Robinhood (NASDAQ: HOOD) stock continued its strong upward momentum after closing at $105 on June 17, marking its highest level in nearly six months. The rally came despite Cathie Wood’s ARK Invest selling 275,571 Robinhood shares worth approximately $28.5 million, a move widely viewed as profit-taking rather than a sign of weakening confidence.

Investor sentiment remained bullish following the sale, with HOOD stock gaining another 2.38% in pre-market trading on June 18. Major Wall Street firms, including Bernstein and Deutsche Bank, reaffirmed their “Buy” ratings on Robinhood shares, highlighting confidence in the company’s growth prospects and recent restructuring efforts.

Robinhood stock experienced significant volatility during the June 17 session, opening at $95 and surging to an intraday high of $110 before settling at $105. The stock’s move above $110 marked its strongest level since January 2026. ARK Invest’s latest share sale followed another disposal of 167,741 shares on June 11, suggesting the investment firm is locking in gains after HOOD climbed roughly 38% over the past month.

A key driver behind the recent rally is Robinhood’s newly announced $28 million restructuring plan. The company plans to reduce its workforce by approximately 10% as part of an effort to streamline operations and improve efficiency. CEO Vlad Tenev stated that Robinhood is proactively simplifying its organizational structure while maintaining a strong financial position. Since the announcement on June 16, the stock has advanced from around $94 to $105.

Analysts also point to growth opportunities in prediction markets. Bernstein recently projected that World Cup-related prediction markets could help drive a substantial increase in Robinhood’s revenue in 2026, potentially boosting earnings performance after the company’s second-quarter revenue of $1.07 billion fell short of expectations.

From a technical perspective, the 200-day simple moving average near $102 has become a crucial support level. Sustained trading above this threshold could strengthen the bullish outlook and open the door for a move toward the next major resistance around $126. On the downside, $100 remains an important psychological support level, while a deeper correction could target the $87 area. Meanwhile, the Relative Strength Index (RSI) near 69 signals strong buying momentum, indicating that bulls continue to control the market.