Cathie Wood's $21.5 Million Shopify Grab Defies Post-Earnings Dip, Ark Continues Dumping Palantir, Also Chops Jack Dorsey's Block

On Thursday, Cathie Wood-led Ark Invest made significant moves in the stock market, focusing on Shopify Inc. SHOP, Palantir Technologies Inc. PLTR, and Block Inc. XYZ.

The Shopify Trade

Ark Invest’s funds, including Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, and ARK Next Generation Internet ETF ARKW, collectively acquired 228,824 shares in Shopify. This move comes after Shopify reported a 26.8% year-over-year increase in revenue for its fiscal first quarter, reaching $2.36 billion, which surpassed analyst expectations of $2.33 billion. Despite this revenue growth, Shopify’s stock experienced a decline following the announcement due to a contraction in gross margins. On Thursday, the shares ended 0.5% lower at $94. The Ark purchase amounted to $21.5 million.

The Palantir Trade

Ark Invest trimmed its position in the Alex Karp-led company across its ARKF, ARKK, and ARKW funds, offloading a total of 135,572 shares. Based on Thursday's closing price of $119.15—up 7.85% on the day—the trades were valued at approximately $16.1 million.

This decision follows Palantir’s recent earnings report, which showed a 39% increase in revenue year-over-year, reaching $883.86 million and surpassing analyst expectations. The company’s U.S. revenue saw a significant 55% rise, driven by a 71% surge in commercial revenue. Despite the positive earnings, Ark Invest has been trimming its position in Palantir. On Wednesday, the firm offloaded shares worth $38.8 million, while on Tuesday it had sold $41 million worth. Palantir makes up 6.01% of Ark's portfolio by weight, with total holdings valued at $301.3 million.

The Block Trade

Ark Invest also decreased its stake in the Jack Dorsey-led company, selling a total of 256,593 shares across its ARKF, ARKK, and ARKW funds. This decision follows Block’s disappointing first-quarter earnings report, which revealed earnings of 56 cents per share, missing the analyst consensus estimate of 87 cents. Additionally, the Bitcoin BTC/USD-focused company’s quarterly revenue of $5.77 billion fell short of the expected $6.2 billion.

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Other Key Trades:

ARKK and ARKG purchased shares of Veracyte Inc.
ARKK acquired shares of GitLab Inc.
ARKG sold shares of Adaptive Biotechnologies Corp.

Benzinga Edge Stock Rankings show that Palantir has a Momentum in the 99th percentile and Growth in the 87th percentile. Want to know how your favorite stock ranks up? Click here.