On Wednesday, Cathie Wood-led Ark Invest continued its trend of offloading shares of Robinhood Markets Inc HOOD and Palantir Technologies Inc PLTR, marking significant trades for the day.
The Robinhood Trade: Ark Invest’s Ark Fintech Innovation ETF ARKF sold 24,796 shares of Robinhood. This decision aligns with Ark’s recent trading patterns, which have seen a steady decrease in Robinhood holdings.
The move comes in the wake of Robinhood’s $3.9 million settlement with California’s Department of Justice over its previous ban on Bitcoin BTC/USD withdrawals. Despite this setback, Robinhood has been evolving from a meme stock trading platform to a serious contender against traditional brokerages. The value of the trade, based on Robinhood’s closing price of $22.95 on the same day, is approximately $569,368.
Notably, Robinhood shares rose after the Federal Reserve cut interest rates by 50 basis points, benefiting from increased user engagement, margin trading, and favorable growth stock valuations in a low-rate environment. The shares appreciated 1.4% in the regular session and gained 0.9% in the after-hours trading.
The Palantir Trade: Ark Invest’s ARK Innovation ETF ARKK fund sold 32,772 shares of Palantir. This move followed the company’s 5th AIPCon, where CEO Alex Karp expressed optimism about Palantir’s inclusion in the S&P 500 Index and the company’s potential for growth. Based on Palantir’s closing price of $36.38 on the same day, the value of the trade is approximately $1.2 million.
Other Key Trades:
- Ark Invest sold shares of Veeva Systems Inc VEEV. The firm also offloaded shares of Butterfly Network Inc BFLY.
- Ark Invest bought shares of Tempus AI Inc TEM and sold shares of Roblox Corp RBLX.
- Ark Invest fund sold shares of Intuitive Surgical Inc ISRG and bought shares of 3D Systems Corp DDD.
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