Cathie Wood's Flurry Of Trades: Offloads $31.5M in Tesla, Buys Amazon, AMD And Meta — Dumps Palantir, Trims Robinhood And Square Amid Bitcoin Rally

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On Monday, Cathie Wood’s Ark Invest made significant trades in Amazon.com Inc AMZN, Robinhood Markets Inc HOOD, Block Inc SQ, Advanced Micro Devices, Inc. AMD, Meta Platforms Inc. META, Tesla Inc TSLA and Palantir Technologies Inc PLTR. These trades were part of a series of transactions carried out by Ark Invest’s various ETFs.

The Amazon Trade

Ark Invest’s ARK Innovation ETF (NYSE; ARKK) and ARK Next Generation Internet ETF ARKW purchased a substantial 141,504 shares of Amazon.com Inc. This transaction was valued at $26.65 million based on Amazon’s closing price of $188.39 on Monday. This move comes after a Goldman Sachs analyst’s prediction of a solid mix of revenue growth and operating margin expansion for the e-commerce giant in its third-quarter financial results.

The Robinhood Trade

On the same day, Ark Invest’s Ark Fintech Innovation ETF ARKF fund sold 7,555 shares of Robinhood Markets Inc. The transaction was valued at $210.633. On Monday Robinhood stock closed 3% higher at $27.88.This decision followed a Bernstein report that highlighted Robinhood’s potential to become the leading cryptocurrency investment platform in the future, thanks to its diverse offering of 15 crypto tokens. Notably, the world’s apex cryptocurrency Bitcoin BTC/USD surged past the $70,000 mark on Monday.

The Square Trade

Ark Invest’s ARKK and ARKW funds sold a combined total of 418,556 shares of Block Inc. The transaction was valued at $31.2 million based on the stock’s closing price of $74.48 on Monday. This trade occurred despite analyst praise for the company’s second-quarter results, which showcased growth in its Cash App and strategic innovations.

The AMD Trade

Ark Invest’s ARK Space Exploration & Innovation ETF ARKX fund purchased 10,199 shares of Advanced Micro Devices Inc worth $1.63 million. This move comes as AMD is set to report its third-quarter earnings, with Wall Street expecting 92 cents in EPS and $6.71 billion in revenues. According to Benzinga, the stock has seen a 65.19% increase over the past year and a 14.65% increase year-to-date.

The Meta Platforms Trade

Ark Invest’s ARKK and ARKW funds bought 22,175 and 16,580 shares of Meta Platforms Inc. respectively. The trades amounted to $22.4 million. Meta stock closed nearly 0.9% higher at $578.16 for the day. This decision follows reports of Meta’s development of an AI-powered search engine to reduce reliance on other big tech players, such as Alphabet Inc and Microsoft Corp.

The Palantir Trade

Ark Invest’s ARKW fund sold 128,908 shares of Palantir Technologies Inc, worth $5.8 million. Palantir closed 0.25% higher at $44.97 on Monday. Palantir’s stock recently hit a new 52-week high, with significant growth in 2024 and a market cap of $100.69 billion. The company also announced a strategic partnership with L3Harris Technologies Inc to expand capabilities in AI-driven defense technology.

The Tesla Trade

Ark Invest sold a total of 120,141 Tesla shares from ARKK and ARKW, the transaction was valued at $31.5 million based on Tesla’s closing price of $262.51 per share on the same day. This move by Ark Invest comes on the heels of Tesla’s strong third-quarter earnings, which exceeded estimates and demonstrated improving margins. The electric vehicle behemoth also provided a robust vehicle delivery outlook for 2025, a highlight for analysts. Notably, Wood $22 million worth of Tesla shares on Thursday.

See Also: Jim Cramer Says Apple, Meta, Amazon And Other Tech Earnings Present A ‘Huge Opportunity,’ But Advises To

Other Key Trades:

  • ARK Invest’s ARKG fund bought shares of Absci Corp and sold shares of Veracyte Inc. The ARKK fund also bought shares of Cerus Corp. ARKW bought shares of Shopify Inc.
  • ARKX sold 854 shares of Lockheed Martin Corp LMT.

Image via Ark Invest

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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