On Wednesday, Cathie Wood-led Ark Invest made significant trades in Advanced Micro Devices Inc AMD, Pinterest Inc PINS, and Coinbase Global Inc COIN. Ark is known for its focus on disruptive innovation.
The AMD Trade
Ark Invest purchased 328,527 shares in AMD across its ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. The transaction was valued at $47.46 million. AMD shares ended Wednesday’s regular session higher by 4.4% at $144.48.
This move came after AMD’s second-quarter earnings report, which exceeded expectations and led to a rebound in the company’s shares. AMD’s quarterly numbers showed a year-over-year increase in earnings and revenue, primarily driven by strength in data center revenue and positive performance in the client business.
AMD’s stock price surged significantly after the earnings report, validating the decision of prominent investors to reinvest in the chipmaker. The company’s new artificial intelligence chip, the MI300X, played a pivotal role in this performance.
The PINS Trade
Ark Invest also increased its stake in Pinterest across its Ark Fintech Innovation ETF ARKF, ARKK, and ARKW ETFs. The total number of shares purchased was 398,257. The value of the PINS purchase, based on the closing price of $31.95, is approximately $12.72 million.
This decision followed Pinterest’s second-quarter earnings report, which beat revenue and EPS estimates. However, Pinterest’s weak guidance for the third quarter weighed on its shares. Despite this, Ark Invest’s move suggests confidence in the company’s long-term prospects.
Notably, the trade came on the same day Pinterest rival, the Mark Zuckerberg-led Meta Platforms Inc. revealed its strong second-quarter numbers.
The COIN Trade
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Ark Invest sold 12,077 shares in Coinbase from its ARKW ETF. The total value of the COIN sale, based on the closing price of $224.36, is approximately $2.7 million.
The sale occurred ahead of Coinbase’s second-quarter earnings report, which is expected to show the impact of the approval of Bitcoin and Ethereum ETFs on demand for the top two cryptocurrencies — Bitcoin ETH/USD and Ethereum ETH/USD.
Bitcoin dropped from $66,500 to the early $64,000 level after Iran's supreme leader ordered a direct strike on Israel, causing a dramatic shift in market sentiment and widespread liquidations.
Other Key Trades:
Ark Invest sold shares in Zoom Video Communications Inc (ZM) and Teladoc Health Inc (TDOC) from its ARKK ETF.
Ark Invest bought shares in Guardant Health Inc (GH) and Intellia Therapeutics Inc (NTLA) from its ARKG ETF. Ark Invest sold shares in Veracyte Inc (VCYT) from its ARKW ETF.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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