Ark Invest, the investment firm led by Cathie Wood, made significant trades in Amazon.com, Meta Platforms, Advanced Micro Devices, and others on Monday, a day marked by a substantial market downturn.
Ark Invest made several significant trades amid the market carnage, across its ETFs, including ARK Innovation ETF ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, ARK Next Generation Internet ETF ARKW, ARK Genomic Revolution ETF ARKG, Ark Fintech Innovation ETF ARKF, and ARK Space Exploration & Innovation ETF ARKX.
On Monday, the U.S. and Japanese markets experienced significant declines due to concerns over a slowing U.S. economy, which triggered a global market sell-off. The Dow Jones Industrial Average fell 2.6%, marking one of its largest single-day drops, while the S&P 500 and Nasdaq Composite also saw substantial losses. Japanese stocks suffered their biggest one-day drop since 1987, with the Nikkei 225 index plummeting over 12%. The downturn was exacerbated by falling oil prices and heightened expectations of a rate cut by the Federal Reserve at its next meeting.
Here are some key purchases made by Ark Invest amid the market carnage on Monday:
The Tesla Trade
Ark Invest bought 12,426 shares of Tesla Inc. TSLA, valued at approximately $2.5 million based on the closing price of $198.88 through ARKW. This purchase was made despite a 4.23% drop in Tesla’s stock price.
The Amazon Trade
Ark Invest also bought 176,963 shares of Amazon.com Inc AMZN through ARKF, ARKX, ARKW, ARKK and ARKQ, worth around $28.5 million at the closing price of $161.02. This move comes as the tech giant’s stock price fell by 4.1% in Monday’s market carnage.
The Coinbase Trade
Another notable trade was the purchase of 93,797 shares of Coinbase Global Inc COIN by Ark Invest through ARKK, ARKW and ARKF This trade is valued at approximately $17.78 million based on the closing price of $189.47.
The Robinhood Trade
Ark Invest bought 681,885 shares of Robinhood Markets Inc HOOD, worth around $11.12 million at the closing price of $16.42. Despite an 8.17% drop in its stock price, the firm purchased shares through ARKK, ARKW and ARKF.
The Meta Platforms Trade
Ark Invest also bought 12,545 shares of Meta Platforms Inc META through ARKW and ARKF, worth around $5.96 million at the closing price of $475.73. This purchase, despite a 2.54% drop in its stock price.
The AMD Trade
Ark Invest bought 25,316 shares of Advanced Micro Devices Inc AMD, worth around $3.4 million at the closing price of $134.82. This purchase, following a 1.75% increase in its stock price was made through ARKK, ARKW and ARKQ.
The Palantir Trade
Ark Invest also bought 52,239 shares of Palantir Technologies Inc PLTR, worth around $1.26 million at the closing price of $24.09. This purchase, despite a 2.63% drop in its stock price was made via ARKK, ARKQ, ARKW,ARKF and ARKX.
Other Key Trades:
- Ark Invest sold 454,775 shares of Block Inc SQ on Monday, worth around $26.02 million at the closing price of $57.21 through ARKK, ARKW and ARKF.
- Ark Invest sold shares of SoFi Technologies Inc (SOFI).
- Ark Invest sold shares of UiPath Inc (PATH) on Monday.
- Ark Invest sold shares of Ginkgo Bioworks Holdings Inc (DNA). Ark Invest sold shares of Verve Therapeutics Inc (VERV).
Image Courtesy: Ark Invest
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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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