On Thursday, Cathie Wood-led Ark Invest made significant trades in Coinbase Global Inc (NASDAQ:COIN), Palantir Technologies Inc (NYSE:PLTR), and Robinhood Markets Inc (NASDAQ:HOOD).
The COIN Trade
Ark Invest sold 69,069 shares of Coinbase from its ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). The value of this trade, based on the closing price of $212.64 on the same day, stands at approximately $14.7 million.
This move comes after Coinbase’s second-quarter earnings report, which revealed a revenue beat, but a decrease in transaction revenue.
Bitcoin (CRYPTO: BTC) remained relatively stable while Ethereum (CRYPTO: ETH) dropped as major cryptocurrency firms’ earnings revealed mixed results on Thursday.
The PLTR Trade
Ark Invest, through its ARK Innovation ETF (NYSE:ARKK), sold 325,594 shares of Palantir. The value of this trade, based on the closing price of $26.08 on the same day, stands at approximately $8.5 million. This decision follows a period of uncertainty in Palantir’s stock, despite a recent price target increase from Citigroup.
The HOOD Trade
Ark Invest also sold 282,435 shares of Robinhood from its ARKK ETF. The value of this trade, based on the closing price of $20.24 on the same day, stands at approximately $5.72 million. This move comes ahead of Robinhood’s second-quarter earnings, which BofA analysts expect to beat estimates. The numbers are expected next Wednesday.
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Other Key Trades:
- Ark Invest bought shares of Advanced Micro Devices Inc (NASDAQ:AMD) through its ARKW ETF.
- Ark Invest bought shares of Aurora Innovation Inc (AUR) through its ARKQ ETF.
- Ark Invest sold shares of Trimble Inc (TRMB) from its ARKQ ETF.
- Ark Invest bought shares of 3IQ ETHER STAKING ETF (ETHQ) through its ARKW ETF.
- Ark Invest sold shares of ARK 21Shares Bitcoin ETF (ARKB) from its ARKW ETF.
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