Cathie Wood's Ark Dumps $1.6 Million In Robinhood Stock Amid AI Launch Hype, Dumps Shopify Stock As Well

On Thursday, Cathie Wood-led Ark Invest executed significant trades involving Shopify Inc. (NASDAQ:SHOP) and Robinhood Markets Inc. (NASDAQ:HOOD).

The Robinhood Trade

Ark Invest, through its Ark Fintech Innovation ETF (BATS:ARKF), sold 14,914 shares of Robinhood. With the stock closing at $106.30, this transaction was valued at approximately $1.58 million.

This move follows recent developments at Robinhood, including the launch of their Cortex AI tool, “Digests,” in the U.K. This tool aims to simplify stock analysis for everyday investors, leveraging real-time data and insights.

Additionally, a significant insider sale by Jason Warnick, Robinhood’s CFO, was reported earlier, where he offloaded $11.09 million worth of shares.

The Shopify Trade

On the same day, Ark Invest’s ARKF fund also sold 11,711 shares of the e-commerce platform Shopify, amounting to a transaction value of approximately $1.6 million, with the stock closing at $136.68.

Shopify recently reported robust fiscal second-quarter results, with a 31% year-over-year revenue growth, surpassing analyst expectations. The company’s global momentum and merchant surge across regions have been highlighted by its CFO.

Other Key Trades:

Sold 16,128 shares of Roku Inc (ROKU) from the ARKF fund.
Bought 87,380 shares of Intellia Therapeutics Inc (NTLA) through the ARKK fund and 3,670 shares for ARKG.
Bought 138,706 shares of PagerDuty Inc (PD) via the ARKK fund.

Benzinga’s Edge Stock Rankings indicate Robinhood checks out on Short, Medium and Long Price Trends. Here is how the stock stacks up on other metrics.