On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Advanced Micro Devices Inc. (NASDAQ:AMD), Broadcom Inc. (NASDAQ:AVGO) , Coinbase Global Inc. (NASDAQ:COIN), and Airbnb Inc. (NASDAQ:ABNB).
The AMD Trade
ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARK Space & Defense Innovation ETF (BATS:ARKX), collectively acquired 30,139 shares of AMD. The stock closed at $203.08, marking a 2.05% decline. This purchase amounts to approximately $6.1 million.
Despite the recent dip, AMD remains a pivotal player in the semiconductor sector, which has seen a subtle shift as investors reassess valuations and demand cycles. Recent trends indicate a cautious approach towards semiconductor stocks, including AMD, as their prices have surged beyond fundamental support.
The Broadcom Trade
ARKK and ARKQ funds purchased a total of 24,205 shares of Broadcom, valued at approximately $8 million, with the stock closing at $332.54.
Broadcom’s recent performance has been bolstered by Google parent Alphabet Inc.’s forecast of increased capital expenditures, which has positively impacted Broadcom’s stock.
The Coinbase Trade
Ark Invest made a significant move by acquiring 41,453 shares of Coinbase across its ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Next Generation Internet ETF (BATS:ARKW) and ARKK funds. The stock closed at $166.02, resulting in a total investment of approximately $6.9 million.
Coinbase has been gaining market share and is viewed as a key player in the cryptocurrency economy. Analysts have noted the company’s diversification and strategic positioning in the crypto space.
The Airbnb Trade
Ark Invest reduced its holdings in Airbnb Inc. , selling a total of 15,711 shares through its ARKF and ARKK funds. With the stock closing at $124.23, this sale is valued at approximately $2 million.
Airbnb’s stock has been on the rise following positive earnings and analyst revisions, despite missing EPS expectations.
Other Key Trades:
- Twist Bioscience Corp. (TWST): Sold 119,374 shares across ARKG and ARKK.
Teradyne Inc. (TER): Sold 43,586 shares across ARKK, ARKQ, and ARKX.
CRISPR Therapeutics AG (CRSP): Bought 84,663 shares across ARKG and ARKK.
PagerDuty Inc. (PD): Sold 103,617 shares across ARKK and ARKW.
Benzinga Edge Stock Rankings indicate AMD stock has a Momentum in the 89th percentile and Value in the 10th percentile.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Photo: ChrisStock82 / Shutterstock.com
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