July 31, 2023 10:11 PM | 2 min read
On Monday, Cathie Wood-led Ark Invest made several trades, the most notable of which was the sale of Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase Global Inc (NASDAQ:COIN) shares. Ark also increased its stake in Pinterest Inc (NYSE:PINS).
The Robinhood Trade: Ark Invest sold 373,175 shares of Robinhood, worth $4.8 million — based on Monday’s closing price, which has been showing a consistent upward trend. The trade was made through Ark Fintech Innovation ETF (NYSE:ARKF).
The stock had risen over 43% from mid-May to mid-July, forming a series of higher highs and higher lows. This bullish momentum, however, has led to an overbought condition, with the stock’s relative strength index (RSI) surging to about 78% at that time.
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Ark Invest also sold 1,055 shares of Coinbase through its ARK Next Generation Internet ETF (NYSE:ARKW), a move that comes amidst a turbulent period for the cryptocurrency exchange. The trade was valued at $104,033, based on the shares closing price of $98.61.
Coinbase has been facing regulatory scrutiny from the SEC, which accused the company of operating as an unregistered broker. Despite these challenges, Coinbase launched a 4% rewards program for USDC, demonstrating resilience. However, a recent report refuted claims that the SEC had advised Coinbase to delist certain assets.
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The firm further increased its stake in Pinterest through the Fintech Innovation ETF, following an upgrade from Evercore ISI Group analyst Mark Mahaney. Ark purchased 121,389 shares of the photo-centric social network for nearly $3.5 million, based on Pinterest shares’ closing price of $28.99 on Monday.
The analyst upgraded Pinterest from In-Line to Outperform and raised the price target from $30 to $41, citing stabilizing digital ad spend, operational improvements, and reasonable valuation as reasons behind the change.
See Also: Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares
Other Key Trades:
- Ark Invest bought 2,154 shares of MercadoLibre Inc (NASDAQ:MELI).
- The firm also bought 315,011 shares of AvidXchange Holdings Inc (NASDAQ:AVDX).
- Ark Invest sold 73,671 shares of Iovance Biotherapeutics Inc (NASDAQ:IOVA).
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