On Tuesday, Cathie Wood-led Ark Invest made significant trades involving Meta Platforms Inc. (NASDAQ:META), Roblox Corp. (NYSE:RBLX), and Kodiak AI Inc. (NASDAQ:KDK).
The Meta Platforms Trade
Ark Invest executed a notable divestment in Meta Platforms on Tuesday, selling a total of 19,316 shares across ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW).
The decision comes as Meta faces challenges with its Ray-Ban smart glasses global launch, which has been delayed due to overwhelming U.S. demand. The shares were sold at a closing price of $660.62, amounting to approximately $12.7 million.
The Mark Zuckerberg-led company’s strategic focus on integrating advanced features like the Neural Band and gesture-based controls into its smart glasses has not gone unnoticed. However, the delay in international rollout highlights the company’s need to prioritize domestic demand.
The Roblox Trade
Ark Invest made a significant purchase of Roblox shares, acquiring a total of 169,130 shares through its ARKF, ARKK, and ARKW ETFs. The transaction, valued at approximately $12.8 million based on the closing price of $75.83.
Last month, it was reported that Roblox was poised to capture a significant share of the gaming market, driven by user engagement and innovative content.
Analyst Drew Crum from B. Riley Securities expressed optimism about Roblox’s future, highlighting its potential to become a leading entertainment platform. More recently, on Tuesday, TD Cowen analyst Doug Creutz lowered his target for the stock to $70 from $77, citing a slowdown in December engagement.
The Kodiak AI Trade
Ark purchased 39,296 shares of Kodiak AI through the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ). The shares were bought at a closing price of $9.70, totaling approximately $381,171.
The George Soros-backed Kodiak AI operates in the driverless truck industry. Wood purchased Kodiak AI stock worth $554,340 on Monday.
Other Key Trades
- Sold 17,613 shares of Guardant Health Inc. through ARKG.
- Sold 7,228 shares of Ionis Pharmaceuticals Inc. through ARKG.
Benzinga Edge Stock Rankings show that Meta Platforms has a Value in the 40th percentile. Here is how it ranks relative to the other Magnificent 7 stocks.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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