Robinhood Markets Inc. (HOOD) shares plummeted 5.02% during intraday trading on Thursday, weighed down by significant selling from both company insiders and a major institutional investor.
The sell-off was driven by CEO and Director Vlad Tenev filing a Form 144 indicating plans to sell 327,500 shares of common stock valued at approximately $37.15 million. Notably, Tenev had already sold 375,000 shares on July 6 through a pre-arranged trading plan, bringing his cumulative planned disposals within two weeks to nearly $80 million.
Separately, Cathie Wood's Ark Invest sold approximately $3.9 million in Robinhood shares, marking its second reduction in under a week following a $9.8 million sale on July 10. The concentrated insider and institutional selling weighed on market sentiment ahead of Robinhood's second-quarter earnings release scheduled for July 29.
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