Robinhood’s true believer

Investment manager Cathie Wood has sunk more than $45 million into Robinhood, apparently unshaken by the commission-free trading app’s disappointing first day of trading.

Wood’s flagship $25.5-billion ARK Innovation fund purchased almost 1.3 million shares of the company on Thursday, according to ARK Investment Management’s daily trading report.

Based on Robinhood’s closing price of $34.82 per share — down 8.37 percent from its opening price — on Thursday, that gives ARK a more than $45 million stake.

Wood (right) rose to prominence in 2020 when her main active fund reported gains of 149 percent for the year. She’s become an outspoken advocate for growth stocks in hot sectors like space exploration and financial technology.

Her apparent endorsement of Robinhood at its current price could help turn the company’s fortunes around.

It booked a tough debut on the Nasdaq Thursday. The IPO was priced at $38 per share, the low end of its range, and the stock still fell once it started trading, closing at a valuation of about $29 billion.

Concerns over potential regulatory challenges may have kept investors on the sidelines.