Cathie Wood Pours $9.8 Million In Robinhood Despite Crypto Revenue Slump, Keeps Dumping Palantir Ahead Of Earnings

On Thursday, Cathie Wood-led Ark Invest made significant trades involving Robinhood Markets Inc. HOOD, Advanced Micro Devices Inc. AMD, and Palantir Technologies Inc. PLTR.

The Robinhood Trade saw Ark Invest’s ARK Innovation ETF ARKK fund acquire 210,714 shares of Robinhood Markets Inc. The trade, valued at approximately $9.82 million based on Thursday’s closing price of $46.62, comes after Robinhood recently reported first-quarter earnings that surpassed expectations. Robinhood shares experienced a decline of 5.07% on Thursday. The company’s revenue from cryptocurrency trading saw a 30% drop, prompting CEO Vlad Tenev to explore diversification strategies to reduce reliance on transaction volumes.

The AMD Trade involved Ark Invest purchasing 26,146 shares of AMD through the ARKK fund and an additional 3,082 shares via the ARK Next Generation Internet ETF ARKW fund. The total value of these trades amounts to approximately $2.8 million, calculated using AMD’s closing price of $96.65. AMD shares have been under pressure due to new U.S. government restrictions on AI chip exports to China and other regions, which led to a significant inventory charge and anticipated revenue impact.

The Palantir Trade saw Ark Invest selling 19,406 shares of Palantir Technologies Inc from the ARKK fund, valued at approximately $2.25 million based on the closing price of $116.20. This decision comes ahead of Palantir’s upcoming earnings report. Notably, Wood offloaded $2.65 million worth of Palantir shares on Wednesday.

Other Key Trades:

• Purchased 186,812 shares of Guardant Health Inc. (GH) through the ARKK fund.
• Sold 49,969 shares of Roblox Corp (RBLX) from the ARKK fund.
• Acquired 115,500 shares of 10X Genomics Inc. (TXG) via the ARKK fund.
• Bought 184,742 shares of Aurora Innovation Inc. (AUR) through the ARKQ fund.

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