Cathie Wood-Led Ark Invest Sells $1.5M Worth Of Robinhood Shares Amid Muted Bitcoin Market — Also Dumps Zoom Stock Worth $3.3M

Ark Invest, led by Cathie Wood, made significant trades on Wednesday involving Robinhood Markets Inc HOOD and Zoom Video Communications Inc ZM.

The Robinhood Trade

Ark Invest sold 64,706 shares of Robinhood, valued at approximately $1.53 million, through the Ark Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW. This move comes after the company recently reduced its holdings in Robinhood amid market fluctuations. The company’s shares are currently trading higher following the announcement of its May operating data.

Notably, the Robinhood trade took place on a day Bitcoin BTC/USD and Ethereum ETH/USD saw some uptrend but the rally was not sustained due to the Federal Reserve Bank’s hawkish guidance on interest rate cuts.

The Zoom trade

Ark Invest also sold 54,165 shares of Zoom, valued at approximately $3.3 million, through ARKW. This decision comes after the company reported strong first-quarter earnings last month, beating revenue and EPS estimates.

Other Key Trades:

• Ark Invest bought 21,260 shares of Markforged Holding Corp MKFG through the ARK Autonomous Technology & Robotics ETF ARKQ. Ark Invest also bought 8,776 shares of Markforged through the ARK Space Exploration & Innovation ETF ARKX.
• Ark Invest bought 15,383 shares of PagerDuty Inc PD through the ARK Innovation ETF ARKK. Ark Invest bought 39,589 shares of Arcturus Therapeutics Holdings Inc ARCT through the ARK Genomic Revolution ETF ARKG.
• Ark Invest sold 229,654 shares of Teladoc Health Inc TDOC through the ARKW ETF. Ark Invest sold 125,257 shares of Verve Therapeutics Inc VERV through the ARKK ETF. The firm also sold 24,866 shares of Verve through the ARKG ETF.

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