Cathie Wood's Ark Invest Sells Robinhood, Coinbase Shares — Buys $3.5M Worth Of Stock Of This Social Media Company

On Monday, Cathie Wood-led Ark Invest made several trades, the most notable of which was the sale of Robinhood Markets Inc HOOD and Coinbase Global Inc COIN shares. Ark also increased its stake in Pinterest Inc PINS.

The Robinhood Trade: Ark Invest sold 373,175 shares of Robinhood, worth $4.8 million — based on Monday’s closing price, which has been showing a consistent upward trend. The trade was made through Ark Fintech Innovation ETF ARKF.

The stock had risen over 43% from mid-May to mid-July, forming a series of higher highs and higher lows. This bullish momentum, however, has led to an overbought condition, with the stock’s relative strength index (RSI) surging to about 78% at that time.

Ark Invest also sold 1,055 shares of Coinbase through its ARK Next Generation Internet ETF ARKW, a move that comes amidst a turbulent period for the cryptocurrency exchange. The trade was valued at $104,033, based on the shares closing price of $98.61.

Coinbase has been facing regulatory scrutiny from the SEC, which accused the company of operating as an unregistered broker. Despite these challenges, Coinbase launched a 4% rewards program for USDC, demonstrating resilience. However, a recent report refuted claims that the SEC had advised Coinbase to delist certain assets.

The firm further increased its stake in Pinterest through the Fintech Innovation ETF, following an upgrade from Evercore ISI Group analyst Mark Mahaney. Ark purchased 121,389 shares of the photo-centric social network for nearly $3.5 million, based on Pinterest shares’ closing price of $28.99 on Monday.

The analyst upgraded Pinterest from In-Line to Outperform and raised the price target from $30 to $41, citing stabilizing digital ad spend, operational improvements, and reasonable valuation as reasons behind the change.

See Also: Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares

Other Key Trades:

• Ark Invest bought 2,154 shares of MercadoLibre Inc MELI.
• The firm also bought 315,011 shares of AvidXchange Holdings Inc AVDX.
• Ark Invest sold 73,671 shares of Iovance Biotherapeutics Inc IOVA.

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