Cathie Wood-led Ark Invest made notable trades on Wednesday, focusing on Shopify and Robinhood.
The Shopify Trade: Ark Invest made significant purchases of Shopify shares across multiple ETFs, including ARK Fintech Innovation ETF, ARK Innovation ETF, and ARK Next Generation Internet ETF. The firm acquired a total of 36,058 shares of Shopify. This move aligns with Ark’s continued interest in high-growth technology and e-commerce sectors, as seen in their recent trades. On Wednesday, Shopify shares ended the day at $113.89, making the Ark transactions worth $4.11 million.
It should be noted that a day earlier, Ark purchased $3.9 million worth of Shopify shares through multiple ETFs as well. Shopify's first-quarter earnings beat analyst expectations, posting 26.8% year-over-year revenue growth despite shrinking gross margins.
The Robinhood Trade: In a contrasting move, Ark Invest sold 55,949 shares of Robinhood through ARKK. This decision comes as Robinhood’s stock trends upward, reaching all-time highs. The stock reached a 52-week high of $85.55 on Wednesday. For the day, Robinhood shares closed at $82.75, making the Ark transaction at $4.63 million.
The company is expected to release its June trading metrics soon, following its annual shareholder meeting. Despite geopolitical tensions, Robinhood’s platform has shown resilience, with no major shifts in retail trading behavior, as highlighted by CEO Vlad Tenev. The executive noted that recent geopolitical tensions haven’t shaken the confidence of retail traders and money has continued to flow into artificial intelligence, cryptocurrencies and financial technology segments.
Other Key Trades:
Toast, Inc.: Ark Invest purchased 7,970 shares for ARKF and 13,983 shares for ARKW.
Beam Therapeutics, Inc.: Acquired 89,345 shares for ARKK.
Veracyte: Bought 50,736 shares for ARKK.
Twist Bioscience Corp: Added 11,770 shares for ARKK.
CRISPR Therapeutics AG: Purchased 5,955 shares for ARKK.
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