On Monday, Cathie Wood-led Ark Invest made significant trades involving Advanced Micro Devices Inc. AMD, NVIDIA Corp NVDA, and Robinhood Markets Inc HOOD. These trades highlight Ark’s strategic positioning in the tech and financial sectors.
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The AMD Trade
The ARK Autonomous Technology & Robotics ETF ARKQ and ARK Space Exploration & Innovation ETF
ARKX funds increased their stake in AMD by purchasing 14,258 and 9,160 shares, respectively. The total value of AMD shares bought by Ark on this day amounts to $4.1 million. The stock closed at $176.78 for the day.
This move comes as AMD’s stock is gaining momentum ahead of its earnings report. AMD’s CPUs are becoming increasingly popular among gamers, contributing to the stock’s rise.
The Nvidia Trade
Ark’s ARKQ and ARKX funds also made notable purchases of shares in the Jensen Huang-led company, acquiring 14,134 and 9,077 shares, respectively. The total value of the trade was $4.2 million as Nvidia stock ended Monday at $180.
This acquisition aligns with NVIDIA’s potential to expand its sales in China, as highlighted by a BofA Securities analyst. The analyst maintained a Buy rating on NVIDIA, citing strong sales momentum and long-term earnings potential.
The Robinhood Trade
In a contrasting move, the Ark Fintech Innovation ETF ARKF fund sold 12,613 shares of Robinhood. This decision follows the SEC’s announcement of “Project Crypto,” which could potentially benefit Robinhood.
Ark’s Robinhood trade was valued at $1.3 million based on the stock’s closing price of $106.37 on Monday.
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Other Key Trades:
- Sold 1,793,477 shares of Blade Air Mobility Inc (BLDE) from ARKQ and 1,152,958 shares from ARKX.
- Bought 35,435 shares of Twist Bioscience Corp (TWST) in ARKG and 255,838 shares in ARKK.
- Acquired 31,361 shares of Teradyne Inc (TER) in ARKQ and 13,440 shares in ARKX..
- Purchased 262,133 shares of Aurora Innovation Inc (AUR) in ARKQ.
- Sold 26,057 shares of CRISPR Therapeutics AG (CRSP) from ARKG.
Benzinga’s Edge Stock Rankings show that Nvidia stock checks out on Short, Medium and Long Pricer Trends. Find out how rival AMD stacks up.
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