Cathie Wood-Led Ark Invest Cuts Robinhood Holdings Amid Bitcoin Dip, Keeps Selling Moderna Stock — Buys Palantir And AMD Shares
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, made significant trades involving Robinhood Markets, Moderna, Palantir Technologies, and Advanced Micro Devices. Ark reduced its holdings in Robinhood and Moderna while increasing its positions in Palantir and AMD.
May 30, 2024 | 2:57 am
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NEGATIVE IMPACT
Ark Invest reduced its stake in Robinhood Markets across multiple funds, selling a total of 593,734 shares worth $12.51 million.
The reduction in holdings by a prominent investor like Ark Invest could signal a lack of confidence in Robinhood's short-term prospects, potentially leading to a negative impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest continued to divest from Moderna, selling a total of 40,260 shares worth approximately $5.95 million.
Continued selling of Moderna shares by Ark Invest suggests a bearish outlook, which could negatively impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
Ark Invest's ARKW bought 9,725 shares of Advanced Micro Devices worth approximately $1.61 million.
The acquisition of AMD shares by Ark Invest suggests a positive outlook on the company's prospects, likely leading to a short-term increase in the stock price.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Ark Invest increased its position in Palantir Technologies, buying 25,403 shares valued at nearly $532,000.
The purchase of additional shares by Ark Invest indicates a positive outlook on Palantir's future growth, likely boosting investor confidence and the stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80