Should You Buy the Dip in This Cathie Wood Favorite?

One of the most polarizing companies over the last couple of years has been Robinhood Markets (NASDAQ: HOOD). The millennial-focused trading app became a household name in early 2021 as it became a core component of the infamous meme-investing movement featuring GameStop and other highly shorted stocks.

Following Congressional testimony by Robinhood CEO Vlad Tenev in February 2021, the company (perhaps surprisingly) found a backer in technology investor Cathie Wood. Since its initial public offering (IPO) in July 2021, Wood has amassed nearly 30 million shares of Robinhood. More recently, the company published first-quarter 2022 results and experienced a sharp sell-off thereafter.

But despite that, Wood and her flagship ARK Invest funds have continued buying the stock. Let's dig into Robinhood's first-quarter results and analyze if now might be a good time to buy the dip.

Source Fool.com