Cathie Wood-Led Ark Invest Cuts Robinhood Holdings Amid Bitcoin Dip, Keeps Selling Moderna Stock — Buys Palantir And AMD Shares


On Wednesday, Ark Invest, led by the influential investor Cathie Wood, executed notable trades involving Robinhood Markets Inc HOOD, Moderna Inc MRNA, Palantir Technologies Inc PLTR, and Advanced Micro Devices Inc AMD.

The HOOD Trade

Ark Invest reduced its stake in Robinhood Markets Inc across multiple funds. The ARK Fintech Innovation ETF ARKF sold 113,329 shares. Similarly, the ARK Innovation ETF ARKK offloaded 444,823 shares, and the ARK Next Generation Internet ETF ARKW parted with 35,582 shares. The transaction amounted to $12.51 million.

This week, Robinhood’s shares surged after the company’s board of directors authorized the share repurchase program, aiming to return value to shareholders as the business and cash flow continued to grow. Management plans to complete the buyback over a two- to three-year period starting in the third quarter of 2024, adjusting the pace based on Robinhood’s share price fluctuations.

On Wednesday, Bitcoin BTC/USD experienced volatility, hovering around the $67,000 mark, while Ethereum dipped below $3,800, erasing gains driven by recent spot ETF excitement. Notably, Robinhood allows its large retail trader userbase to buy and sell cryptocurrencies.

The MRNA Trade

On the biotech front, Ark Invest divested from Moderna for a second day in running, with ARK Genomic Revolution ETF ARKG selling 15,644 shares and the flagship ARKK selling 24,616 shares. The combined value of the sold shares is roughly $5.95 million, considering Moderna’s closing price of $147.92. This decision aligns with Ark’s recent trading patterns of reducing exposure to Moderna.

The PLTR Trade

Contrastingly, Ark Invest bolstered its position in Palantir Technologies Inc, with ARK Space Exploration & Innovation ETF ARKX acquiring 25,403 shares valued at nearly $532,000, given Palantir’s last close at $20.94. This purchase comes amidst fluctuations in Palantir’s stock, as investors speculate on the company’s future growth prospects.

The AMD Trade

Ark’s ARKW made a bullish move on Advanced Micro Devices Inc, buying 9,725 shares worth approximately $1.61 million. This investment comes after news of AMD’s expanded partnership with Samsung. This is the second time in a row, the firm has purchased the Nividia-rival’s stock.

Other Key Trades: ARKG’s purchase of 375,779 shares of Absci Corp ABSI. ARKG’s acquisition of 38,501 shares of Guardant Health Inc GH. ARKQ’s investment in 116,232 shares of 3D Systems Corp DDD. ARKX’s strategic buy of 1,244 shares of Teledyne Technologies Inc TDY.

Photo Courtesy: Ark Invest

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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Posted In: EquitiesNewsMarketsETFsAdvanced Micro DevicesAMDartificial intelligenceCathie WoodModernaPalantir TechnologiesRobinhood Markets
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