Robinhood (HOOD) shares plummeted 5.04% during intraday trading on Tuesday, extending a period of sustained selling pressure.

The decline follows continued offloading by Cathie Wood’s Ark Invest, which sold 12,119 shares worth roughly $1.16 million on Monday, adding to more than $22 million in sales over the prior week. Broader market dynamics also weighed on the stock, as high-momentum names favored by retail investors—including Robinhood—have fallen about 13% in July, with the highest retail-participation cohort in the Russell 1000 index dropping over 25% since June. Momentum has become the worst-performing quantitative factor this month.

Compounding the cautious sentiment, Robinhood is scheduled to report second-quarter earnings after the market close on July 29, with a consensus EPS estimate of $0.39. The upcoming results introduce additional uncertainty, contributing to the stock’s sharp intraday move.