On Tuesday, Cathie Wood-led Ark Invest executed several significant trades, including the sale of shares in Palantir Technologies Inc. PLTR and Robinhood Markets Inc. HOOD. Ark purchased shares of Shopify Inc. SHOP, Advanced Micro Devices Inc. AMD, Taiwan Semiconductor Mfg. Co. Ltd. TSM, and Amazon.com Inc. AMZN.
The Palantir Trade saw Ark Invest selling 252,261 shares of Palantir through its ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. This sale is valued at approximately $28.4 million based on the latest closing price of $112.62.
The company’s strong fourth-quarter earnings report revealed revenue of $827.52 million, surpassing analyst expectations. Adjusted earnings per share also exceeded forecasts, contributing to the stock’s upward momentum.
Earlier on Monday, Ark sold almost $16 million worth of Palantir shares after the stock hit record highs.
The Robinhood Trade involved Ark’s sale of 79,267 Robinhood shares via ARKW, as the company prepares for its fourth-quarter earnings report. Analysts anticipate a significant revenue increase compared to the previous year. Ark’s engagement with Robinhood suggests an optimistic outlook on the company’s potential rebound.
The Shopify Trade involved Ark Invest’s purchase of 24,442 shares in Shopify through ARKW following the company’s robust fourth-quarter earnings. The trade was valued at $3.92 million, based on the stock’s closing price of $123.59 on Tuesday.
Shopify reported a 31% year-over-year revenue increase in the fourth quarter, reaching $2.81 billion, which exceeded analyst expectations. This marked the seventh consecutive quarter of over 25% revenue growth.
The AMD Trade saw Ark Invest engaging with AMD, despite recent challenges. AMD’s shares experienced a decline after the company guided a 7% drop in first-quarter data center revenue. The fourth-quarter earnings report revealed data center revenues below expectations, impacting investor sentiment.
Ark bought 11,711 AMD shares via ARKW. The transaction was valued at $1.3 million. AMD shares ended Tuesday at $111.10.
The TSMC Trade saw Ark picking up 4,417 shares of the chipmaker through ARKW amid plans for a new 1nm fabrication facility in Taiwan. The trade was valued at $922,004. For the day TSMC shares closed at $208.74.This expansion aims to boost advanced chipmaking capacity, positioning TSM for future growth. The strategic move aligns with global demand for semiconductor advancements.
The Amazon Trade involved ARKF fund acquiring 19,726 shares of Amazon. With Amazon’s stock closing at $232.76, this purchase translates to an investment of approximately $4.59 million. This move aligns with recent analyst predictions, including those from BofA Securities, which foresee Amazon’s strong performance in the fourth quarter, driven by AWS growth and improved retail margins in North America. The analyst maintained a Buy rating with a target price of $255, reflecting confidence in Amazon’s future potential.
Other Key Trades:
- Sold 660,520 shares of Accolade Inc through ARKG.
- Bought 44,653 shares of Illumina Inc through ARKK and 7,780 shares through ARKG.
- Sold 517,713 shares of UiPath Inc through ARKK, 218,747 shares through ARKW and 41,189 shares through ARKW.
- Bought 77,582 shares of PagerDuty Inc through ARKK and 22,632 through ARKW.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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