On Monday, Cathie Wood-led Ark Invest added to two of its highest-profile names, SpaceX-linked exposure and Tesla Inc (NASDAQ:TSLA), while trimming several other positions, including Robinhood Markets Inc (NASDAQ:HOOD). Among the biggest moves of the day was Ark’s renewed buying of Space Exploration Technologies Corp. (NASDAQ:SPCX), even as the company’s stock remained under pressure.
The SpaceX Trade
Ark Invest purchased shares of the Elon Musk-led rocket company on Monday. The firm bought 78,031 shares in ARK Innovation ETF (BATS:ARKK), 25,442 shares in ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), 10,369 shares in ARK Next Generation Internet ETF (BATS:ARKW) and 10,701 shares in ARK Space & Defense Innovation ETF (BATS:ARKX), showing continued conviction in the aerospace company despite the recent pullback. The total number of shares purchased amounted to $14.1 million, based on the stock’s closing price of $113.50.
The buying came as SpaceX stock continues to slide. The stock remained under pressure despite a successful Starship test flight and Musk’s renewed commitment to Mars, with investors focusing on the potential increase in share supply and the company’s long-term investment strategy.
SpaceX shares extended their decline ahead of the Aug. 6 lock-up expiration, when up to 911.5 million shares could become eligible for trading, as investors also awaited the company’s first earnings report as a public company on Aug. 4.
The Tesla Trade
Ark also added to its Tesla position, buying 18,730 shares in ARKK and 9,134 shares in ARKQ. The purchases came after Tesla’s recent quarterly report, which showed a revenue beat but an earnings miss, while management pointed to progress on Cybercab production and the upcoming Optimus robot.
The transaction was calculated to be worth $8.6 million, based on the $309.22 closing price of the stock.
Notably, last Thursday, Wood had purchased $51.2 million worth of Tesla stock just after the earnings numbers were made public.
The Robinhood Trade
Ark moved in the opposite direction on Robinhood Markets, selling 12,119 shares from ARKW. The sale was estimated to be worth $1.2 million, based on Robinhood stock closing at $95.65 on Monday.
The reduction came as the online brokerage recently faced renewed scrutiny around competition in digital finance and changing investor sentiment in the fintech space.
The timing also followed fresh market attention on X Money’s rollout, which is being viewed as a challenger to established payment and trading platforms. Ark’s sale suggests a more cautious near-term stance on Robinhood after recent weakness in the stock.
On Thursday, Ark had sold $4.1 million worth of Robinhood shares.
Other Key Trades
- Ark sold 72,497 shares of 10x Genomics Inc (TXG) from ARKK.
- Ark reduced its exposure to Deere & Co (DE), selling 6,979 shares in ARKK and 2,428 shares in ARKQ. The firm also sold 1,529 shares of Caterpillar Inc (CAT) in ARKQ, further cutting industrial names.
- Ark bought 20,000 shares of Pony AI Inc (PONY) and 12,772 shares of Kodiak AI Inc. (KDK) in ARKQ, reinforcing its exposure to autonomous driving and AI transport technologies.
- Ark also added 2,040 shares of the 3iQ Solana Staking ETF (SOLQ.U) in ARKF and 2,759 shares in ARKW.
Benzinga Edge Rankings indicate SpaceX Stock performs poorly on Short, Medium and Long Price Trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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