Cathie Wood Chops Palantir: Ark Invest Dumps $9.1 Million Worth Of Stock, Also Sells Meta And Robinhood Shares
On Monday, Cathie Wood‘s Ark Invest executed several significant trades, including the sale of shares in Palantir Technologies Inc. (NASDAQ:PLTR), Robinhood Markets Inc. (NASDAQ:HOOD) and Meta Platforms Inc. (NASDAQ:META), while also acquiring shares in Advanced Micro Devices Inc. (NASDAQ:AMD) and Baidu Inc. (NASDAQ:BIDU). These trades reflect Ark’s strategic adjustments amidst evolving market conditions.
The Palantir Trade
Ark Invest made a notable move by selling shares of Palantir across ARK Next Generation Internet ETF (BATS:ARKW) and ARK Space Exploration & Innovation ETF (BATS:ARKX). The sale involved 53,532 shares from ARKW and 26,114 shares from ARKX. With Palantir’s stock closing at $114.65, the total value of the shares sold amounted to approximately $9.1 million. Recently, Palantir has been in the spotlight due to its potential to dominate the enterprise AI sector, as highlighted by Cathie Wood’s confidence in the company’s capabilities. However, the stock has been pulling back after rallying 20% over the past week.
The Meta Platforms Trade
Ark Invest also reduced its holdings of Meta Platforms by selling 2,168 shares from its ARK Innovation ETF (BATS:ARKK). With Meta’s shares closing at $549.74, this transaction was valued at approximately $1.19 million. The Mark Zuckerberg-led company has been navigating through regulatory challenges and economic uncertainties, as detailed in recent reports on the company’s ongoing antitrust trial and market pressures.
The AMD Trade
Ark Invest’s ARKW ETF acquired 39,306 shares of Advanced Micro Devices Inc. (NASDAQ:AMD), with the stock closing at $96.39. This purchase was valued at approximately $3.79 million. AMD’s stock performance has been influenced by industry developments, including competition from Huawei in the AI chip market, which has impacted investor sentiment.
The Robinhood Trade
Ark Invest opted to sell 121,099 shares of Robinhood Markets Inc. (NASDAQ:HOOD) from its ARKW ETF. With Robinhood’s shares closing at $48.93, the sale was valued at approximately $5.92 million. Robinhood is currently under the market’s watchful eye as investors anticipate its earnings, which could significantly influence its stock trajectory.
See Also: Forget Dogecoin And Shiba Inu — Crypto Analyst Sees This Coin Surging 100% – Benzinga
The Baidu Trade
Ark Invest increased its holdings in Baidu Inc. (NASDAQ:BIDU) by purchasing 2,798 shares in ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and 85,253 shares in ARKW. With Baidu’s stock closing at $90.37, the total value of these acquisitions was approximately $7.7 million. Baidu’s aggressive stance in the AI sector, particularly in its competition with Alibaba, has been a focal point recently.
Other Key Trades:
- Sold 61,893 shares of Schrodinger Inc. (SDGR) from ARKG.
- Bought 60,068 shares of Airbnb Inc. (ABNB) in ARKW.
- Sold 89,702 shares of Roblox Corp. (NASDAQ:RBLX) from ARKW.
- Bought 48,020 shares of Shopify Inc. (SHOP) in ARKW.
- Sold 111,059 shares of Ark21Shares Bitcoin ETF (ARKB) through ARKW.
Photo Courtesy: Ira Lichi on Shutterstock.com
Read Next:
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal