Ark Invest, led by Cathie Wood, made significant trades on Monday. The firm bought $Alphabet-C (GOOG.US)$ shares and also acquired $Robinhood (HOOD.US)$ shares.
The Alphabet Trade
Ark Invest purchased 14,686 Class C shares of Google-parent Alphabet through the $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ and $ARK Space Exploration & Innovation ETF (ARKX.US)$. This trade was made on Monday. The closing price for GOOG on this day was $163.95. This trade was valued at $2.4 million.
Alphabet has been under the spotlight due to its low valuation compared to other tech giants. The stock has been trading at its lowest valuation within the $MAGNIFICENT (00201.HK)$ Seven, a group of leading tech giants, including $Tesla (TSLA.US)$, $NVIDIA (NVDA.US)$, $Microsoft (MSFT.US)$, $Meta Platforms (META.US)$, $Amazon (AMZN.US)$, and $Apple (AAPL.US)$. This dip was due to an ongoing antitrust lawsuit, which saw the stock drop by 13.24% over the past month.
The Robinhood Trade
Ark Invest also bought 45,702 shares of Robinhood Markets Inc. through the $ARK Innovation ETF (ARKK.US)$, $ARK Next Generation Internet ETF (ARKW.US)$ and $ARK Fintech Innovation ETF (ARKF.US)$. The closing price for HOOD on this day was $18.54. This trade was valued at $847,315.
Robinhood Markets reported its second-quarter financial results, with revenue up 40% year-over-year. The company's revenue total exceeded the Street consensus estimate, indicating a strong performance.
Wood purchased a substantial chunk of Robinhood shares earlier in August on a post-earnings dip in the platform popular with retail traders. Notably, the earlier trade was carried out at a time when Alphabet substantially reduced its stake in Robinhood.
Other Key Trades:
Ark Invest sold shares of $Unity Software (U.US)$.
Ark Invest sold shares of $Nextdoor Holdings (KIND.US)$.
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