Cathie Wood's 'Apocalypse Squad' Play? Ark Scoops Up $14.2 Million Worth Of Robinhood Stock

Ark Invest, led by Cathie Wood, executed notable trades on Monday, focusing on Robinhood Markets Inc. (NASDAQ:HOOD) and Deere & Co. (NYSE:DE).

The Robinhood Trade

Ark Invest’s ARK Innovation ETF (BATS:ARKK) acquired 123,336 shares of Robinhood, valued at approximately $14.2 million based on the closing price of $115.02.

Robinhood has been in the spotlight recently, with its customer base reaching 26.7 million in July, marking a significant increase from the previous month. The company’s total platform assets rose by 7% to $298 billion, driven by a surge in crypto volumes. Additionally, CEO Vlad Tenev has formed an “Apocalypse Squad” of top performers to strategically rebuild the company in case of a disaster.

The Deere Trade

Ark Invest also made a significant purchase of Deere & Co shares on Monday, with the ARKK ETF acquiring 3,410 shares and the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) purchasing 6,863 shares. The total value of these trades amounts to approximately $5.04 million, based on Deere’s closing price of $491.13.

Deere is currently facing economic challenges, including a $600 million impact from tariffs imposed during the Trump administration. Despite these hurdles, analysts remain optimistic about Deere’s future, citing potential recovery and greener pastures ahead.

Other Key Trades:

GeneDx Holdings Corp (WGS): Ark Invest’s ARKK and ARKG ETFs collectively bought 170,471 shares.
CRISPR Therapeutics AG (CRSP): Acquired 176,811 shares by ARKK.
Beam Therapeutics Inc. (BEAM): 395,097 shares purchased by ARKK.
Intellia Therapeutics Inc. (NTLA): 560,560 shares bought by ARKK.
Twist Bioscience Corp. (TWST): 137,439 shares acquired by ARKK.

Benzinga’s Edge Stock Rankings indicate Robinhood stock checks out on Short, Medium and Long Price trends. What about the other cryptocurrency heavyweight Coinbase?