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On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably buying Robinhood Markets Inc (NASDAQ:HOOD) and selling Zoom Video Communications Inc (NASDAQ:ZM).
The Robinhood Trade
Ark Invest’s decision to purchase Robinhood shares comes in the wake of the trading platform’s impressive second-quarter revenue beat. The investment firm bought a total of 341,432 shares of Robinhood through its ARK Fintech Innovation ETF (NYSE:ARKF), ARK Next Generation Internet ETF (NYSE:ARKW) and ARK Innovation ETF (NYSE:ARKK). The value of this trade, based on the latest closing price of $17.73, is approximately $6.05 million
This week, Wood loaded up on Robinhood shares as the company declared a revenue beat. Ark purchased $2.49 million worth of shares on Wednesday.
Significantly, Robinhood’s cryptocurrency revenue shot up 161% on a y-o-y basis. Meanwhile, Bitcoin (CRYPTO: BTC) and other major coins also saw a rebound after crashing with equities market earlier in the week.
The Zoom Trade
On the same day, Ark Invest sold 161,836 Zoom shares. The firm offloaded shares from ARKK and ARKW. The value of this trade, calculated from the latest closing price of $56.21, is approximately $9.1 million.
Zoom had previously reported a first-quarter earnings beat in May, with revenue of $1.14 billion, surpassing the consensus estimate of $1.13 billion. The company also reported seven straight quarters of beating analyst estimates on the top and bottom lines. The company’s second-quarter results are expected on Aug. 21.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
