On Tuesday, Cathie Wood-led Ark Invest purchased shares of Archer Aviation Inc. (NYSE:ACHR) and Joby Aviation Inc. (NYSE:JOBY), while trimming Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) and Advanced Micro Devices Inc. (NASDAQ:AMD).
The Archer Aviation Trade
Ark purchased 351,511 Archer shares through the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and another 173,004 shares through ARK Space & Defense Innovation ETF (BATS:ARKX).
The combined purchase totaled 524,515 shares, a trade worth approximately $2.2 million, based on Tuesday’s closing price of $4.23. The firm had purchased 1,161,604 Archer shares, worth $4.8 million, on Monday.
In its second-quarter results released Aug. 10, Archer reported $5 million in revenue, exceeding estimates of approximately $1.96 million. Its loss of 34 cents per share matched expectations.
Archer ended the quarter with approximately $1.56 billion in cash, cash equivalents and short-term investments. CEO Adam Goldstein highlighted planned purchases of Wisk, Insitu and SkyGrid from Boeing as part of the company’s expansion across air taxis, unmanned aircraft and AI.
The company also said it completed piloted Midnight flights during the quarter in preparation for operations under the White House’s eVTOL Integration Pilot Program.
The Joby Aviation Trade
Ark bought 589,736 Joby shares through ARKQ and 294,945 shares through ARKX. The combined purchase totaled 884,681 shares, worth approximately $4.4 million, based on Tuesday’s closing price of $5.01.
The purchase followed Monday’s addition of 434,012 shares, worth approximately $2 million at that session’s close. Across the two days, Ark bought 1,318,693 Joby shares, with an estimated combined value of nearly $6.4 million.
Joby is scheduled to report third-quarter results on Nov. 4. Analysts expect a loss of 25 cents per share, compared with a loss of 48 cents a year earlier, and revenue of $39.22 million, up from $22.57 million.
Recent analyst actions included Morgan Stanley lowering its price target to $10 with an Equal-Weight rating on Oct. 19. Barclays downgraded Joby to Underweight with a $4 target on Oct. 9, while H.C. Wainwright maintained Buy with an $18 target on Sept. 21.
The Taiwan Semiconductor Trade
Ark sold 16,268 Taiwan Semiconductor shares through ARKQ and 7,903 shares through ARKX. The combined sale totaled 24,171 shares, worth approximately $10.6 million, based on Tuesday’s closing price of $436.87.
The firm had sold 21,894 shares on Monday, worth approximately $9.3 million. Across the two sessions, Ark sold 46,065 shares, with an estimated combined value of $19.9 million.
Last week, Moody’s Ratings upgraded TSMC’s credit rating to Aa2 from Aa3, citing its leadership in advanced chip manufacturing, financial strength and growing AI demand.
The AMD Trade
Ark sold 19,797 AMD shares through ARKQ and 9,169 shares through ARKX. The combined sale totaled 28,966 shares, a trade worth approximately $16.2 million, based on Tuesday’s closing price of $560.26.
The sale followed Monday’s reduction of 24,796 shares, worth approximately $13.2 million. Across the two days, Ark sold 53,762 AMD shares, with an estimated combined value of $29.4 million.
AMD is scheduled to report third-quarter earnings on Nov. 3. Estimates cited in Friday’s report called for earnings of $1.95 per share, up from $1.20 a year earlier, and revenue of $13.08 billion, compared with $9.25 billion.
Susquehanna maintained a Positive rating and raised its price target to $620 on Oct. 21. Wedbush maintained an Outperform rating and $600 target on Oct. 20, while Citigroup maintained Buy and raised its target to $800 on Oct. 6.
Other Key Trades
- Kratos Defense & Security Solutions Inc. (KTOS): ARKQ and ARKX purchased a combined 136,872 shares.
- AeroVironment Inc. (AVAV): ARKQ and ARKX bought a combined 77,210 shares.
- Kodiak AI Inc. (KDK): Ark purchased 842,692 shares through ARKQ.
- Circle Internet Group Inc. (CRCL): Ark bought 35,403 shares through ARKW.
- Beam Therapeutics Inc. (BEAM): Ark purchased 91,527 shares through ARKG.
- Intellia Therapeutics Inc. (NTLA): Ark bought 37,586 shares through ARKG.
- Arcturus Therapeutics Holdings Inc. (ARCT): Ark purchased 12,237 shares through ARKG.
Benzinga Edge rankings indicate AMD stock has a Growth score in the 94th percentile and a Value score in the 3rd percentile.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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