Cathie Wood's Ark Invest Swoops In To Buy The Palantir Dip — Purchases Stock Worth $29M — Offloads Coinbase Shares Worth Over $15M Amid Softening Bitcoin Price

On Tuesday, the Cathie Wood-led Ark Invest made some significant trades. The most prominent among them were the increased stakes in Palantir Technologies Inc PLTR and the reduced holdings in Coinbase Global Inc COIN.

The PLTR Trade

Ark Invest’s ETFs Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, and ARK Space Exploration & Innovation ETF ARKX purchased a combined total of 1,353,667 shares of Palantir. This move came despite the company’s shares trading lower following the release of its first-quarter financial results and softer guidance. The value of this trade, based on the closing price of $21.40, is approximately $29 million.

According to a previous report, Palantir’s first-quarter revenue increased 21% year-over-year to $634 million, beating the consensus estimate. The company also reported adjusted earnings of 8 cents per share, in line with analyst estimates. Despite exceeding revenue expectations, the shares tumbled as investors reacted negatively to the company's light guidance for the second quarter and the full year.

The COIN Trade

Ark Invest’s ARKF, ARKK, and ARK Next Generation Internet ETF ARKW sold a total of 70,616 shares of Coinbase. This decision was made despite Coinbase’s recent first-quarter earnings report, which highlighted a revenue beat and an all-time high in institutional trading volume. The value of this trade, based on the closing price of $214.34, is approximately $15.1 million.

Coinbase reported total revenue of $1.64 billion, beating the Street consensus estimate of $1.34 billion. The company also reported a GAAP EPS of $4.40.

Ark’s transaction on Coinbase occurred during a period of subdued cryptocurrency values, with Bitcoin BTC/USD observed to be trading 1.4% lower over a 24-hour period, resting at $62,631.01 at the time of writing. The prevailing pessimism persists following regulatory action against Robinhood Markets Inc., a competitor of Coinbase, as it received a Wells Notice from the Securities and Exchange Commission.

See Also: Majority Of US Social Media Users Make Influencer-Inspired Online Purchases, According To New IZEA Study

Other Key Trades:

Ark Invest’s ARKF and ARKW ETFs sold a total of shares of Draftkings Inc DKNG.

ARKK sold shares of Twist Bioscience Corp TWST. ARKQ bought the stock of Rocket Lab USA Inc RKLB. ARKW also bought shares of Datadog Inc DDOG.

Photo via WEF on Flickr

Read Next: How Can Small Investors Access Private Deals With Big Potential?