On Tuesday, June 25, 2024, Cathie Wood-led Ark Invest made significant trades in NVIDIA Corp NVDA and Roku Inc ROKU, amidst considerable market volatility. These trades were part of a series of transactions carried out by Ark’s various ETFs.
The NVIDIA Trade
The firm’s ARK Autonomous Technology & Robotics ETF ARKQ sold 33,834 NVIDIA shares on Tuesday. The transaction was valued at $4.3 million. On the day, Nvidia shares closed 6.8% higher at $126.09.
This move comes in the wake of a significant market cap loss for the tech giant, which saw a $550 billion drop since Thursday. Despite this, NVIDIA managed to rebound by over 6% on Tuesday, regaining its position as the third most valuable corporation, behind Microsoft Corporation and Apple Inc.
Concerns about NVIDIA’s influence on the S&P 500 Index have been raised, with some analysts warning of a potential broader market slump if the company experiences a significant sell-off. Despite these concerns, NVIDIA’s fundamentals remain strong, with first-quarter 2024 earnings exceeding Wall Street's expectations, driven by strong performance in its data center and automotive segments.
The Roku Trade
ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW funds bought 96,465 Roku shares on Tuesday in a transaction valued at $5.3 million. Roku shares closed 0.35% higher at $54.64 in the regular session on Tuesday.
This move comes amidst a turbulent market for Roku, with its stock caught in a fierce bull-bear debate recently. Despite competitive threats, bullish investors are enthusiastic about Roku's revenue potential from several fronts.
The Netflix-rival recently unveiled Roku Exchange, an advertising technology solution designed to bridge ad inventory with advertiser demand directly. This platform represents a significant advancement in streaming-first advertising technology, further solidifying Roku’s position in the market.
Other Key Trades:
- Ark Invest’s ARKG fund sold a significant number of shares in Ginkgo Bioworks Holdings Inc DNA. ARKG also bought shares in Arcturus Therapeutics Holdings Inc ARCT and 10X Genomics Inc TXG.
- ARKK sold shares in Zoom Video Communications Inc ZM and bought shares in PagerDuty Inc PD. ARKQ bought shares in Blade Air Mobility Inc BLDE and Markforged Holding Corp MKFG.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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