Cathie Wood’s Ark Invest has been busy making some big moves in the stock market, focusing on tech giants like Amazon, Robinhood, and Coinbase.
Amazon’s Uncertain Future:
Despite concerns about Amazon’s slowing growth and increased competition, Ark Invest purchased 76,505 shares of the e-commerce giant through its flagship ARK Innovation ETF (ARKK). This purchase comes after Wells Fargo downgraded Amazon’s rating, citing these very concerns. The trade, worth approximately $13.98 million, was executed amidst a recent sell-off in Amazon shares, fueled by the downgrade and a federal judge’s decision allowing the FTC’s antitrust lawsuit against Amazon to proceed.
Robinhood’s Trading Shift:
Ark Invest took a different approach with Robinhood, selling off a total of 1,421,431 shares across three of its ETFs, including ARKK, ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). This move comes despite Robinhood’s recent announcement of its first investor day and the introduction of new trading features. The total value of the Robinhood trade, based on the closing price of $25.61, is approximately $36.4 million.
Coinbase Riding the Regulatory Wave:
Ark Invest saw potential in Coinbase, buying 12,994 shares of the cryptocurrency exchange through its ARKF ETF. This trade aligns with the recent surge in Coinbase shares, driven by the company’s announcement to adjust its service offerings in response to new European regulatory requirements. The value of this trade, based on the closing price of $167.69, is approximately $2.18 million.
Other Notable Trades:
Ark Invest also made smaller purchases and sales in other tech companies. Notably, they acquired 2,365 shares of Meta Platforms Inc (META) through its ARKW ETF, valuing the trade at $1.4 million. Meta shares closed up 1.4% on Tuesday. Ark Invest also sold shares of Veeva Systems Inc (VEEV) and Vertex Pharmaceuticals Inc (VRTX) through its ARKG ETF, while buying shares of Recursion Pharmaceuticals Inc (RXRX) and 10X Genomics Inc (TXG).
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