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Ark Invest, led by Cathie Wood, made significant trades on Monday. The firm bought Alphabet Inc. (NASDAQ:GOOG) shares and also acquired Robinhood Markets Inc. (NASDAQ:HOOD) shares.
The Alphabet Trade
Ark Invest purchased 14,686 Class C shares of Google-parent Alphabet through the ARK Autonomous Technology & Robotics ETF (BATS: ARKQ) and ARK Space Exploration & Innovation ETF (BATS:ARKX). 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 Seven, a group of leading tech giants, including Tesla Inc, Nvidia Corp, Microsoft Corp, Meta Platforms Inc, Amazon.com Inc, and Apple Inc. 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. (HOOD) through the ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). 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.
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