Cathie Wood's Ark Invest Continues Dumping Robinhood And Palantir Shares As Interest Rates Fall
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest continues to sell shares of Robinhood and Palantir, despite favorable market conditions for Robinhood following a Federal Reserve rate cut. Ark's trades align with its recent pattern of reducing holdings in these companies.
September 19, 2024 | 2:28 am
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Ark Invest sold 24,796 shares of Robinhood, aligning with its recent pattern of reducing holdings. Despite a $3.9M settlement and evolving business model, Robinhood shares rose after a Fed rate cut.
Ark Invest's decision to sell shares despite Robinhood's recent price increase suggests a lack of confidence in its long-term growth. The sale aligns with Ark's pattern of reducing Robinhood holdings.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ark Invest sold 32,772 shares of Palantir, following its 5th AIPCon. Despite CEO optimism about S&P 500 inclusion, Ark continues to reduce its stake.
Ark Invest's sale of Palantir shares, despite positive company outlook, indicates a strategic decision to reduce exposure. This aligns with Ark's recent trading behavior.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80