Cathie Wood's Ark Invest Trades: Bets $14M On Amazon Shares — Dumps Robinhood Stock Worth $36M, Embraces Coinbase And Meta

Cathie Wood’s Ark Invest made significant trades in Amazon.com Inc AMZN, Robinhood Markets Inc HOOD, and Coinbase Global Inc COIN.

The Amazon Trade: Ark Invest purchased 76,505 shares of Amazon, despite recent concerns about the company’s growth trajectory. The trade was executed through its flagship ARK Innovation ETF ARKK.

This move came after Wells Fargo downgraded Amazon from Overweight to Equal-Weight, citing slowing growth and stiffer competition. The value of this trade, based on the closing price of $182.72, is approximately $13.98 million.

Amazon shares dropped Monday after Wells Fargo downgraded the stock, citing slowing growth and competition. The sell-off was also fueled by a federal judge’s ruling allowing the FTC’s antitrust lawsuit against Amazon to proceed.

The Robinhood Trade: Ark Invest sold a total of 1,421,431 shares of Robinhood across three of its ETFs i.e. ARK Innovation ETF, ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF. This decision came despite Robinhood’s recent announcement of its first investor day and the introduction of new trading features. The value of this trade, based on the closing price of $25.61, is approximately $36.4 million.

The Coinbase Trade: Ark Invest bought 12,994 shares of Coinbase through its ARKF ETF. This move aligns with the recent surge in Coinbase shares following the company’s announcement to adjust its service offerings in response to new European regulatory requirements. The value of this trade, based on the closing price of $167.69, is approximately $2.18 million.

See Also: This Alibaba Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday

Other Key Trades:

• Ark purchased 2,365 shares of Meta Platforms Inc META through its ARKW ETF. The Meta trade was valued at $1.4 million. On Tuesday, Meta shares closed 1.4% higher at $592.89.
• Ark Invest sold shares of Veeva Systems Inc (VEEV) and shares of Vertex Pharmaceuticals Inc VRTX through its ARKG ETF. It bought shares of Recursion Pharmaceuticals Inc (RXRX) and shares of 10X Genomics Inc (TXG).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal