Ark Invest, led by Cathie Wood, executed notable trades on Monday, focusing on Robinhood Markets Inc. HOOD and Deere & Co. DE.
Ark Invest’s ARK Innovation ETF ARKK acquired 123,336 shares of Robinhood, valued at approximately $14.2 million based on the closing price of $115.02.
Robinhood has been in the spotlight recently, with its customer base reaching 26.7 million in July, marking a significant increase from the previous month. The company’s total platform assets rose by 7% to $298 billion, driven by a surge in crypto volumes. Additionally, CEO Vlad Tenev has formed an “Apocalypse Squad” of top performers to strategically rebuild the company in case of a disaster.
Ark Invest also made a significant purchase of Deere & Co shares on Monday, with the ARKK ETF acquiring 3,410 shares and the ARK Autonomous Technology & Robotics ETF ARKQ purchasing 6,863 shares. The total value of these trades amounts to approximately $5.04 million, based on Deere’s closing price of $491.13.
Deere is currently facing economic challenges, including a $600 million impact from tariffs imposed during the Trump administration. Despite these hurdles, analysts remain optimistic about Deere’s future, citing potential recovery and greener pastures ahead.
Benzinga’s Edge Stock Rankings indicate Robinhood stock checks out on Short, Medium and Long Price trends. What about the other cryptocurrency heavyweight Coinbase?
Photo: ChrisStock82 / Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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