Cathie Wood-Led Ark Invest Sells Nearly $28M Worth Of Robinhood Shares Amid Crypto API Launch And Lackluster Bitcoin Price Action
Portfolio Pulse from Benzinga Neuro
Cathie Wood-led Ark Invest sold nearly $28M worth of Robinhood shares amid the launch of Robinhood's new cryptocurrency trading API and lackluster Bitcoin price action. The sell-off involved multiple Ark ETFs and aligns with Ark's strategy to manage exposure to cryptocurrency-related stocks.
May 31, 2024 | 3:38 am
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POSITIVE IMPACT
Ark Invest's ARKK fund added 147,582 shares of Intellia Therapeutics Inc.
The purchase of Intellia Therapeutics shares by ARKK indicates a positive outlook on the company's prospects, likely boosting investor confidence.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Ark Invest's ARKG fund bought 16,807 shares of Natera Inc.
The acquisition of Natera shares by ARKG suggests a favorable view of the company's future, potentially leading to positive short-term price movement.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Ark Invest's ARKW fund purchased 247,107 shares of UiPath Inc.
The purchase of UiPath shares by ARKW indicates confidence in the company's growth potential, likely leading to a positive short-term impact on its stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Ark Fintech Innovation ETF sold 113,102 shares of Robinhood, aligning with Ark's strategy to manage exposure to cryptocurrency-related stocks.
The sale of shares from ARKF indicates a cautious approach towards cryptocurrency-related investments, which could affect the ETF's short-term performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Innovation ETF sold 857,676 shares of Robinhood as part of a broader strategy to manage exposure to cryptocurrency-related stocks.
The sale of a large number of shares from ARKK suggests a strategic move to reduce exposure to cryptocurrency-related stocks, which could impact the ETF's short-term performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ark Next Generation Internet ETF sold 207,276 shares of Robinhood, reflecting a strategy to manage exposure to cryptocurrency-related stocks.
The sale of shares from ARKW is part of a broader strategy to reduce exposure to cryptocurrency-related stocks, potentially impacting the ETF's short-term performance.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Invest sold 1,178,054 shares of Robinhood, worth approximately $25.7 million, amid the launch of Robinhood's new cryptocurrency trading API.
The significant sell-off by a major investor like Ark Invest could indicate a lack of confidence in Robinhood's short-term prospects, especially amid the launch of a new product and volatile cryptocurrency markets.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100