On Tuesday, June 25, 2024, Cathie Wood-led Ark Invest made significant trades in $NVIDIA (NVDA.US)$ and $Roku Inc (ROKU.US)$, amidst considerable market volatility. These trades were part of a series of transactions carried out by Ark's various ETFs.
The NVIDIA Trade
The firm's $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ sold 33,834 NVIDIA shares on Tuesday. The transaction was valued at $4.3 million. On the day, Nvidia shares closed 6.8% higher at $126.09.
This move comes in the wake of a significant market cap loss for the tech giant, which saw a $550 billion drop since Thursday. Despite this, NVIDIA managed to rebound by over 6% on Tuesday, regaining its position as the third most valuable corporation, behind $Microsoft (MSFT.US)$ and $Apple (AAPL.US)$.
Concerns about NVIDIA's influence on the $S&P 500 Index (.SPX.US)$ have been raised, with some analysts warning of a potential broader market slump if the company experiences a significant sell-off. Despite these concerns, NVIDIA's fundamentals remain strong, with first-quarter 2024 earnings exceeding Wall Street's expectations, driven by strong performance in its data center and automotive segments.
The Roku Trade
$ARK Innovation ETF (ARKK.US)$ and $ARK Next Generation Internet ETF (ARKW.US)$ funds bought 96,465 Roku shares on Tuesday in a transaction valued at $5.3 million. Roku shares closed 0.35% higher at $54.64 in the regular session on Tuesday.
This move comes amidst a turbulent market for Roku, with its stock caught in a fierce bull-bear debate recently. Despite competitive threats, bullish investors are enthusiastic about Roku's revenue potential from several fronts.
The Netflix-rival recently unveiled Roku Exchange, an advertising technology solution designed to bridge ad inventory with advertiser demand directly. This platform represents a significant advancement in streaming-first advertising technology, further solidifying Roku's position in the market.
Other Key Trades:
Ark Invest's ARKG fund sold a significant number of shares in $GINKGO BIOWORKS HOLDINGS INC (DNA.WS.US)$. ARKG also bought shares in $Arcturus Therapeutics (ARCT.US)$ and $10x Genomics (TXG.US)$.
ARKK sold shares in $Zoom Video Communications (ZM.US)$ and bought shares in $PagerDuty (PD.US)$. ARKQ bought shares in $Blade Air Mobility (BLDE.US)$ and $Markforged (MKFG.US)$.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal