Cathie Wood's Ark Invest Continues Loads Up On $6.05M Worth Of Robinhood Shares Amid Bitcoin Rebound, Dumps Zoom Stock

Benzinga08-09

On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably buying Robinhood Markets Inc HOOD and selling Zoom Video Communications Inc ZM. The Robinhood Trade Ark Invest’s decision ...

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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood's Ark Invest Continues Loads Up On $6.05M Worth Of Robinhood Shares Amid Bitcoin Rebound, Dumps Zoom Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-09 10:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/24/08/40274766/cathie-woods-ark-invest-continues-loads-up-on-6-05m-worth-of-robinhood-shares-amid-bitcoin><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably buying Robinhood Markets Inc HOOD and selling Zoom Video Communications Inc ZM.\nThe Robinhood Trade\nArk Invest’s decision ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/24/08/40274766/cathie-woods-ark-invest-continues-loads-up-on-6-05m-worth-of-robinhood-shares-amid-bitcoin\">Source 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Invest’s decision to purchase Robinhood shares comes in the wake of the trading platform’s impressive second-quarter revenue beat. The investment firm bought a total of 341,432 shares of Robinhood through its ARK Fintech Innovation ETF ARKF, ARK Next Generation Internet ETF ARKW and ARK Innovation ETF ARKK. as detailed in this Benzinga article. The value of this trade, based on the latest closing price of $17.73, is approximately $6.05 million\nThis week, wood loaded up on Robinhood shares as the company declared a revenue beat. Ark purchased $2.49 million worth of shares on Wednesday.\nSignificantly, Robinhood’s cryptocurrency revenue shot up 161% on a y-o-y basis. Meanwhile, Bitcoin BTC/USD and other major coins also saw a rebound after crashing with equities market earlier in the week.\nThe Zoom Trade\nOn the same day, Ark Invest sold 161,836 Zoom shares. The firm offloaded shares from ARKK and ARKW. The value of this trade, calculated from the latest closing price of $56.21, is approximately $9.1 million.\nZoom had previously reported a first-quarter earnings beat in May, with revenue of $1.14 billion, surpassing the consensus estimate of $1.13 billion. The company also reported seven straight quarters of beating analyst estimates on the top and bottom lines. The company’s second-quarter results are expected on Aug. 21.\nSee Also: Elon Musk Says Warren Buffett Is ‘Clearly Expecting A Correction’ After Berkshire Sold Nearly Half Of Its Apple Stock\nOther Key Trades: \n\nArk Invest bought 246 shares of Amazon.com Inc AMZN through various ETFs. The transaction was valued at $40,789.\nThe firm sold shares of Discovery Ltd (DSY) from its ARKF fund. \nShares of Guardant Health Inc GH were also purchased.\nArk Invest sold shares of Vertex Pharmaceuticals Inc (VRTX).\n\nRead Next: \n\nTrump Took Credit For Stock Market Rally But Blamed Kamala Harris When It Started Crashing. Ex-President Now Gets Knocked For His Double Standards: ‘You Either Own The Markets Or You Don’t’\n\nThis story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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