On Thursday, Cathie Wood‘s Ark Invest made significant trades, focusing on acquiring shares in Robinhood Markets Inc HOOD, Coinbase Global Inc COIN, and Tempus AI Inc TEM. These transactions come amid a volatile market environment, particularly affecting cryptocurrency-related stocks.
The Robinhood Trade saw Ark Invest’s ARK Innovation ETF ARKK fund purchasing 143,855 shares of Robinhood. The stock closed at $36.02, resulting in a total investment of approximately $5.18 million. This move aligns with recent market trends, where Robinhood, alongside other crypto-related stocks, faced pressure due to Bitcoin’s BTC/USD decline below $80,000. Despite these challenges, traders are reportedly looking for potential opportunities in the market.
The Coinbase Trade involved Ark Invest’s ARKK fund acquiring 29,353 shares of Coinbase. With a closing price of $177.49, the investment totaled around $5.21 million. Coinbase has been under scrutiny following its exclusion from the S&P 500 and the broader cryptocurrency market’s downturn. However, analysts like Chris Brendler from Rosenblatt have maintained a positive outlook, suggesting the recent pullback presents a buying opportunity.
The Tempus AI Trade featured Ark Invest’s ARKK fund buying 30,119 shares of Tempus AI Inc. The shares closed at $42.16, amounting to an investment of approximately $1.23 million. This purchase follows Ark’s previous $1.36 million investment in Tempus AI on Wednesday. Notably, Ark has purchased Tempus AI stock on every day of this week. Amid the Tech stock bloodbath on Monday, it had scooped up a whopping $13.23 million worth of shares.
Other Key Trades:
- ARKW purchased 109,818 shares of Ibotta Inc (IBTA) while ARKF fund bought 16,332 shares.
- ARKG fund purchased 17,742 shares of CRISPR Therapeutics AG (CRSP), while ARKK scooped up 88,232 shares.
- ARKK fund sold 967,513 shares of UiPath Inc (PATH) and ARKW sold 133,703 shares.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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