Editor’s Note: This story has been updated to clarify that Ark Invest collectively bought 3,579 shares of Amazon through its various ETFs.
Ark Invest, the investment firm led by Cathie Wood, made significant trades in Amazon.com Inc. AMZN, Robinhood Markets Inc. HOOD, Reddit Inc. RDDT, and Advanced Micro Devices Inc. AMD on Wednesday.
The Amazon Trade
Ark Invest bought 3,579 shares of Amazon through ARK Innovation ETF ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, ARK Next Generation Internet ETF ARKW, Ark Fintech Innovation ETF ARKF, and ARK Space Exploration & Innovation ETF ARKX, valued at approximately $582,554 based on the latest closing price of $162.77.
Amazon’s recent second-quarter earnings showed strong AWS growth but weak retail revenues. Analysts maintained positive ratings but lowered price targets, noting AWS’s acceleration and solid margins while highlighting retail challenges and soft third-quarter guidance.
The Robinhood Trade
The ARKK, ARKW and ARKF ETFs bought 145,420 shares of Robinhood, valued at approximately $2.49 million based on the latest closing price of $17.12.
Robinhood’s second-quarter revenue reached $682 million, up 40% year-over-year, surpassing estimates, reported Benzinga on Wednesday. Transaction revenue surged 69%, driven by gains in options, cryptocurrency, and equities. The company reported earnings per share of 21 cents, beating expectations, and saw record net deposits of $13.2 billion. Robinhood Gold subscriptions grew to 2 million. The outlook includes higher expenses for new products and international expansion.
The Reddit Trade
The ARKK and ARKW ETFs bought 40,148 shares of Reddit, valued at approximately $2.03 million based on the latest closing price of $50.69.
Reddit’s second-quarter results impressed with 91 million DAUs and $281 million in revenue, but JPMorgan’s Doug Anmuth maintained a neutral stance, citing potential volatility from an upcoming lock-up expiration. While Reddit’s advertising business showed strong growth, signs of a Q3 slowdown emerged. Strategic moves like acquiring Memorable AI and new content partnerships are promising, but Anmuth adjusted the price target to $59 from $67.
The AMD Trade
The ARKK, ARKQ and ARKW ETFs bought 5,796 shares of Advanced Micro Devices, valued at approximately $743,771 based on the latest closing price of $128.67.
AMD’s second-quarter earnings exceeded expectations with 69 cents per share and $5.835 billion in sales. Despite recent volatility, the stock showed a slight increase amidst overall market strength. Lower market volatility and bullish sentiment contributed to a positive trading environment for AMD.
Other Key Trades:
Other Key Trades:
- Sold shares of Ginkgo Bioworks Holdings Inc (DNA).
- Bought shares of Tempus AI Inc (TEM).
- Sold shares of Zoom Video Communications Inc.
- Bought shares of Roku Inc.
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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