On Wednesday, Cathie Wood-led Ark Invest executed notable trades involving Palantir Technologies Inc. PLTR, Robinhood Markets Inc. HOOD, Reddit Inc. RDDT, and Qualcomm Inc. QCOM. These trades came amidst significant developments in each company, drawing considerable attention from investors and analysts.
The Palantir Trade
Ark Invest’s decision to sell shares of Palantir. comes as the stock reached new all-time highs. The surge followed the company’s impressive fourth-quarter financial results, which exceeded analyst expectations. Palantir reported revenue of $827.52 million, surpassing estimates of $775.91 million, and adjusted earnings of 14 cents per share, beating the forecast of 11 cents per share. The stock rallied over 20% on Tuesday and continued its upward momentum, testing support around $100 before reaching new highs on Thursday.
ARK Innovation ETF ARKK sold 91,785 shares of Palantir, valued at approximately $10.02 million based on the latest closing price of $111.28. Notably, a day earlier, Ark had offloaded Palantir stock worth $556,973.
The Robinhood Trade
Ark Invest also reduced its position in Robinhood selling 339,757 shares through its ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF. This move was valued at roughly $18.06 million, calculated from the closing price of $53.17.
The sale occurred as part of a longer-selling spree, with Ark Invest divesting nearly $7 million worth of Robinhood stock a day earlier.
The Reddit Trade
Despite ongoing tensions involving Elon Musk, Reddit. has seen its stock price soar. The company has experienced a remarkable 338.46% increase over the past year, with a 33.30% rise year-to-date and a 23.22% gain over the past month. These gains come as Reddit prepares to release its fourth-quarter earnings in six days. Ark Invest’s engagement with Reddit reflects the stock’s strong performance and potential for future growth.
On Thursday, Ark sold 21,016 shares of Reddit via ARKW and ARKF. The trade was valued at $4.55 million. For the day Reddit shares ended 2.1% lower at $216.51.
The Qualcomm Trade
Qualcomm Inc. recently reported record first-quarter revenue of $11.7 billion, marking a 17% year-over-year increase and surpassing the Street consensus estimate of $10.93 billion. The company’s earnings per share also beat estimates, highlighting growth across its diversification initiatives.
On the same day, Ark purchased 54,371 Qualcomm shares through ARKQ and ARKW funds. This trade was valued at $9.2 million. Qualcomm shares closed 3.7% lower at $169.32 on Thursday in the regular trading session.
Other Key Trades:
- Amazon.com Inc AMZN: Purchased 153 shares via ARKF.
- Rocket Lab Usa Inc (RKLB): Sold 182,393 shares through ARKK.
- Roblox Corp (RBLX): Purchased 368,676 shares across ARKK, ARKW, and ARKF.
- Uipath Inc (PATH): Sold 9,326 shares via ARKK and ARKW.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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