Cathie Wood Cuts Square Stake And Snaps Up More Coinbase On Day 2

Cathie Wood-led Ark Investment Management on Thursday snapped up another 3,41,186 shares, worth about $110 million, of the biggest U.S. cryptocurrency exchange desk Coinbase Global Inc COIN, on the second day of trading after its debut on NASDAQ through a direct listing.

Coinbase shares lost some of their debut steam and closed 1.68% lower at $322.75 on Thursday, giving the cryptocurrency exchange a market cap of $63.5 billion. The stock opened higher at $358 but immediately pulled back to $323 levels in the early morning trade and remained volatile the rest of the day before closing significantly lower. 

Three of the investment management firm’s flagship funds made the buys on Thursday. The Ark Fintech Innovation ETF ARKF added 33,092 shares of the cryptocurrency company, representing about 0.253% of the ETF. 

The Ark Innovation ETF ARKK added another 282,894 shares, representing about 0.36% of the ETF and the ARK Next Generation Internet ETF ARKW bought 25,200 shares, representing about 0.116% of the ETF.

See Also: Cathie Wood Trims Tesla Stake And Loads Up Heavily On Coinbase

Wood’s firm, which counts Square Inc SQ among the top three stocks in three of its funds, however, sold 409,241 shares worth about $107.66 million based on the company’s closing price of $263.08 a share on Thursday.

ARKF sold 41,859 shares of the fintech company, representing 0.25% of the ETF. ARKK sold another 367,382 shares, representing 0.38% of the ETF.

Also, Ark added to two ETFs 30,79,032 shares, worth about $123.16 million, of the autonomous semi-truck maker TuSimple Holdings TSP, which made its market debut on Thursday and shares closed 3.37% lower at $40. 

The Ark Innovation ETF ARKK bought 2,350,496 shares of the California-based self-driving truck maker, representing about 0.365% of the ETF. The ARK Autonomous Technology & Robotics ETF ARKQ bought 728,536 shares, representing 0.85% of the ETF.

Here are four other prominent trades made by the hedge fund on Thursday:

Trades For Ark Space Exploration & Innovation ETF ARKX:

Lockheed Martin Corp LMT: Sold 4,324 shares of the No.1 US defense contractor, representing about 0.25% of the ETF. 

Lockheed shares closed 0.50% higher at $390.63 on Thursday. It has a 52-week high of $417.62 and low of $319.81.

Virgin Galactic Holdings Inc SPC: Bought 42,800 shares of the spaceflight company, representing about 0.15% of the ETF.

Virgin Galactic shares closed 13.63% lower at $23.06 on Thursday. It has a 52-week high of $62.80 and low of $14.21.

See Also: Richard Branson Sheds Virgin Galactic Stake By $150M

Trades for ARKQ:

Lockheed Martin Corp LMT: Sold 26,065 shares, representing about 0.299% of the ETF.

Alphabet Inc GOOGL GOOG: Sold 4,521 Class C shares of the Google parent, representing about 0.30% of the ETF.

Alphabet shares closed 1.93% higher at $2,285.25 on Thursday. It has a 52-week high of $2,296 and low of $1,205.

Synopsys Inc SNPS: Sold 36,104 shares of the electronic design automation company, representing about 0.277% of the ETF.

Synopsys shares closed 1.37% higher at $262.13 on Thursday. It has a 52-week high of $300.91 and low of $142.86.

Other Ark Buys On Thursday:

  • 908 Devices Inc MASS
  • Beam Therapeutics Inc BEAM
  • Exact Sciences Corp EXAS
  • Unity Software Inc U
  • Iridium Communications Inc IRDM

Other Ark Sells On Thursday: 

  • Syros Pharmaceuticals Inc SYRS
  • Pluristem Therapeutics Inc PSTI
  • Phreesia Inc PHR
  • Paccar Inc PCAR
  • Intercontinental Exchange Inc ICE
  • Teradyne Inc TER
  • AeroVironment Inc AVAV
  • Atlassian Corp Plc TEAM

Photo by Marco Verch on Flickr

Posted In: CryptocurrencyPenny StocksSector ETFsSmall CapMarketsTrading IdeasETFsARK Investment ManagementBitcoinCathie Wood