Cathie Wood's Ark Invest Continues Loads Up On $6.05M Worth Of Robinhood Shares Amid Bitcoin Rebound, Dumps Zoom Stock

On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably buying Robinhood Markets Inc HOOD and selling Zoom Video Communications Inc ZM.

The Robinhood Trade

Ark Invest’s decision to purchase Robinhood shares comes in the wake of the trading platform’s impressive second-quarter revenue beat. The investment firm bought a total of 341,432 shares of Robinhood through its ARK Fintech Innovation ETF ARKF, ARK Next Generation Internet ETF ARKW and ARK Innovation ETF ARKK. The value of this trade, based on the latest closing price of $17.73, is approximately $6.05 million

This week, Wood loaded up on Robinhood shares as the company declared a revenue beat. Ark purchased $2.49 million worth of shares on Wednesday.

Significantly, Robinhood’s cryptocurrency revenue shot up 161% on a y-o-y basis. Meanwhile, Bitcoin BTC/USD and other major coins also saw a rebound after crashing with equities market earlier in the week.

The Zoom Trade

On the same day, Ark Invest sold 161,836 Zoom shares. The firm offloaded shares from ARKK and ARKW. The value of this trade, calculated from the latest closing price of $56.21, is approximately $9.1 million.

Zoom had previously reported a first-quarter earnings beat in May, with revenue of $1.14 billion, surpassing the consensus estimate of $1.13 billion. The company also reported seven straight quarters of beating analyst estimates on the top and bottom lines. The company’s second-quarter results are expected on Aug. 21.

See Also: Elon Musk Says Warren Buffett Is ‘Clearly Expecting A Correction’ After Berkshire Sold Nearly Half Of Its Apple Stock

Other Key Trades:

• Ark Invest bought 246 shares of Amazon.com Inc AMZN through various ETFs. The transaction was valued at $40,789.
• The firm sold shares of Discovery Ltd (DSY) from its ARKF fund.
• Shares of Guardant Health Inc GH were also purchased.
• Ark Invest sold shares of Vertex Pharmaceuticals Inc (VRTX).

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