Ark Invest, the investment firm led by Cathie Wood, made significant trades in Amazon.com, Meta Platforms, Advanced Micro Devices, and others on Monday, a day marked by a substantial market downturn.
Ark Invest made several significant trades amid the market carnage, across its ETFs, including ARK Innovation ETF (NYSE:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Next Generation Internet ETF (NYSE:ARKW), ARK Genomic Revolution ETF (BATS:ARKG), Ark Fintech Innovation ETF (NYSE:ARKF), and ARK Space Exploration & Innovation ETF (NYSE:ARKX).
On Monday, the U.S. and Japanese markets experienced significant declines due to concerns over a slowing U.S. economy, which triggered a global market sell-off. The Dow Jones Industrial Average fell 2.6%, marking one of its largest single-day drops, while the S&P 500 and Nasdaq Composite also saw substantial losses. Japanese stocks suffered their biggest one-day drop since 1987, with the Nikkei 225 index plummeting over 12%. The downturn was exacerbated by falling oil prices and heightened expectations of a rate cut by the Federal Reserve at its next meeting.
Here are some key purchases made by Ark Invest amid the market carnage on Monday:
The Tesla Trade
Ark Invest bought 12,426 shares of Tesla Inc. (NASDAQ:TSLA), valued at approximately $2.5 million based on the closing price of $198.88 through ARKW. This purchase was made despite a 4.23% drop in Tesla’s stock price.
The Amazon Trade
Ark Invest also bought 176,963 shares of Amazon.com Inc (NASDAQ:AMZN) through ARKF, ARKX, ARKW, ARKK and ARKQ, worth around $28.5 million at the closing price of $161.02. This move comes as the tech giant’s stock price fell by 4.1% in Monday’s market carnage.
The Coinbase Trade
Another notable trade was the purchase of 93,797 shares of Coinbase Global Inc (NASDAQ:COIN) by Ark Invest through ARKK, ARKW and ARKF This trade is valued at approximately $17.78 million based on the closing price of $189.47.
The Robinhood Trade
Ark Invest bought 681,885 shares of Robinhood Markets Inc (NASDAQ:HOOD), worth around $11.12 million at the closing price of $16.42. Despite an 8.17% drop in its stock price, the firm purchased shares through ARKK, ARKW and ARKF.
The Meta Platforms Trade
Ark Invest also bought 12,545 shares of Meta Platforms Inc (NASDAQ:META) through ARKW and ARKF, worth around $5.96 million at the closing price of $475.73. This purchase, despite a 2.54% drop in its stock price.
The AMD Trade
Ark Invest bought 25,316 shares of Advanced Micro Devices Inc (NASDAQ:AMD), worth around $3.4 million at the closing price of $134.82. This purchase, following a 1.75% increase in its stock price was made through ARKK, ARKW and ARKQ.
The Palantir Trade
Ark Invest also bought 52,239 shares of Palantir Technologies Inc (NYSE:PLTR), worth around $1.26 million at the closing price of $24.09. This purchase, despite a 2.63% drop in its stock price was made via ARKK, ARKQ, ARKW,ARKF and ARKX.
Other Key Trades:
Image Courtesy: Ark Invest
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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