On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Advanced Micro Devices Inc. (NASDAQ:AMD), Shopify Inc. (NASDAQ:SHOP), and CoreWeave Inc. (NASDAQ:CRWV).
The AMD Trade
Ark Invest made a notable move by selling shares of Advanced Micro Devices Inc across multiple ETFs, including ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK) and ARK Next Generation Internet ETF (BATS:ARKW). The total shares sold amounted to 45,917, translating to a value of approximately $16.3 million, based on AMD’s closing price of $355.26 on Tuesday.
This decision follows AMD’s impressive first-quarter earnings report, where the company exceeded revenue expectations with $10.25 billion, surpassing analyst estimates of $9.89 billion. The chipmaker’s adjusted earnings per share also beat forecasts, coming in at $1.37 compared to the expected $1.29. AMD’s strong performance is attributed to the growing demand for AI technologies.
The Shopify Trade
Ark Invest increased its stake in Shopify Inc by purchasing a total of 255,804 shares across ARKF, ARKK, and ARKW. The value of this acquisition is approximately $27.5 million, calculated using Shopify’s closing price of $107.63.
Despite a 15.62% decline in Shopify’s stock price on Tuesday, the company reported a significant milestone, reaching $100 billion in gross merchandise volume. Shopify’s quarterly revenue growth of 34.32% year-over-year to $3.17 billion exceeded analyst expectations. The e-commerce platform’s adjusted earnings per share also surpassed estimates.
The CoreWeave Trade
Ark Invest opted to reduce its position in CoreWeave Inc by selling 98,880 shares across ARKK and ARKW. This transaction is valued at approximately $12.6 million, based on CoreWeave’s closing price of $127.89.
The decision comes amidst a rebound in CoreWeave’s stock, which has been recovering from a recent pullback linked to concerns about OpenAI-related growth expectations. The stock’s high short interest, representing 21.87% of the public float, has contributed to its volatility. CoreWeave remains in an uptrend, trading above its 20-day and 100-day simple moving averages.
Other Key Trades:
- GeneDx Holdings Corp (WGS): Purchased 245,914 shares across ARKG and ARKK.
- 10X Genomics Inc. (TXG): Sold 37,209 shares in ARKG.
- Intellia Therapeutics Inc. (NTLA): Acquired 214,225 shares in ARKK.
- Teradyne Inc. (TER): Sold 21,497 shares in ARKK.
Benzinga Edge Stock Rankings indicate AMD stock has a Momentum score in the 96th percentile and a Value score in the 5th percentile.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Photo: ChrisStock82 / Shutterstock.com
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