Cathie Wood-Led Ark Invest Buys $47.5M Of AMD Shares And $12.7M of This Meta Platforms Rival's Stock — Reduces Coinbase Exposure Amid Bitcoin Drop
Portfolio Pulse from Benzinga Neuro
Cathie Wood-led Ark Invest made significant trades in AMD, Pinterest, and Coinbase. Ark purchased $47.5M in AMD shares and $12.7M in Pinterest shares, while reducing its Coinbase exposure by $2.7M amid a Bitcoin drop. Other trades included buying Guardant Health and Intellia Therapeutics, and selling Zoom, Teladoc, and Veracyte shares.
August 01, 2024 | 2:53 am
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NEGATIVE IMPACT
Ark Invest sold $2.7M worth of Coinbase shares ahead of its Q2 earnings report, likely due to the recent drop in Bitcoin prices and market sentiment shift.
The sale of Coinbase shares by Ark Invest is likely a precautionary move ahead of the Q2 earnings report, influenced by the recent drop in Bitcoin prices and negative market sentiment.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Ark Invest purchased $47.5M worth of AMD shares following a strong Q2 earnings report, which showed significant growth in earnings and revenue, driven by data center revenue and the new MI300X AI chip.
The purchase of AMD shares by Ark Invest is a strong endorsement following AMD's impressive Q2 earnings. The new AI chip and data center revenue growth are key drivers for the stock's positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ark Invest bought $12.7M in Pinterest shares despite weak Q3 guidance, indicating confidence in the company's long-term prospects after a strong Q2 earnings report.
Ark Invest's purchase of Pinterest shares suggests a belief in the company's long-term potential, despite short-term concerns from weak Q3 guidance. The strong Q2 earnings report supports this confidence.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100