Cathie Wood's Monday Maneuvers: Ark Invest Continues To Offload Robinhood And Palantir Shares
Cathie Wood's Ark Invest has continued to offload shares of Robinhood and Palantir. On Monday, the Ark Fintech Innovation ETF sold 18,961 shares of Robinhood, valued at approximately $1,123, following a settlement with California's Department of Justice. Meanwhile, the ARK Innovation ETF sold 4,407 shares of Palantir, valued at about $1,018, after the stock surged 14.08% due to its inclusion in the S&P 500. Other trades included purchases of Guardant Health and Shopify, and sales of Veracyte, Roku, and Materialise.
On Monday, Cathie Wood-led Ark Invest made significant trades, with Robinhood Markets Inc HOOD and Palantir Technologies Inc PLTR being the most prominent.
The HOOD Trade: Ark Invest’s Ark Fintech Innovation ETF ARKF fund sold 18,961 shares of Robinhood in a trend that continues from the previous week. This move follows Robinhood’s recent agreement to a $3.9 million settlement with California’s Department of Justice over its past ban on Bitcoin BTC/USD cryptocurrency withdrawals.
Despite this, Robinhood has been transitioning from a meme stock trading platform to a more mature and competitive player against traditional brokerages. Based on Robinhood’s closing price of $22.21 on the same day, the value of the trade is approximately $421,123.
The PLTR Trade: Ark Invest’s ARK Innovation ETF ARKK fund sold 4,407 shares of Palantir. The firm had been offloading Palantir shares last week as well.
This sale after Palantir’s stock soared by 14.08% following the announcement that the company will join the S&P 500 index. Based on Palantir’s closing price of $36.31 on the same day, the value of the trade is approximately $160,018.
Other Key Trades:
- Ark Invest’s ARKG fund bought shares of Guardant Health Inc (GH).
- Ark Invest’s ARKG fund sold shares of Veracyte Inc (VCYT). Ark Invest’s ARKK fund bought shares of Shopify Inc (SHOP).
- Ark Invest’s ARKK fund sold shares of Roku Inc (ROKU). Ark Invest’s ARKQ fund sold shares of Materialise NV (MTLS).
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal