Cathie Wood-Led Ark Invest Sells $1.5M Worth Of Robinhood Shares Amid Muted Bitcoin Market — Also Dumps Zoom Stock Worth $3.3M

Ark Invest, led by Cathie Wood, made significant trades on Wednesday involving Robinhood Markets Inc (NASDAQ:HOOD) and Zoom Video Communications Inc (NASDAQ:ZM).

The Robinhood Trade

Ark Invest sold 64,706 shares of Robinhood, valued at approximately $1.53 million, through the Ark Fintech Innovation ETF (NYSE:ARKF) and ARK Next Generation Internet ETF (NYSE:ARKW). This move comes after the company recently reduced its holdings in Robinhood amid market fluctuations. The company’s shares are currently trading higher following the announcement of its May operating data.

Notably, the Robinhood trade took place on a day Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) saw some uptrend but the rally was not sustained due to the Federal Reserve Bank’s hawkish guidance on interest rate cuts.

The Zoom trade

Ark Invest also sold 54,165 shares of Zoom, valued at approximately $3.3 million, through ARKW. This decision comes after the company reported strong first-quarter earnings last month, beating revenue and EPS estimates.

Other Key Trades:

• Ark Invest bought 21,260 shares of Markforged Holding Corp (NYSE:MKFG) through the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ). Ark Invest also bought 8,776 shares of Markforged through the ARK Space Exploration & Innovation ETF (BATS: ARKX).
• Ark Invest bought 15,383 shares of PagerDuty Inc (NYSE:PD) through the ARK Innovation ETF (NYSE: ARKK). Ark Invest bought 39,589 shares of Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT) through the ARK Genomic Revolution ETF (BATS: ARKG).
• Ark Invest sold 229,654 shares of Teladoc Health Inc (NYSE:TDOC) through the ARKW ETF. Ark Invest sold 125,257 shares of Verve Therapeutics Inc (NASDAQ:VERV) through the ARKK ETF. The firm also sold 24,866 shares of Verve through the ARKG ETF.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal