Cathie Wood's Ark Invest Loads Up On Reddit As Platform Reports Q2 Revenue Increase, Also Buys $13.7M Worth Of Nvidia-Rival AMD's Stock
Ark Invest led by Cathie Wood made significant trades in Amazon.com Inc (NASDAQ:AMZN), Reddit Inc (NYSE:RDDT), and Advanced Micro Devices Inc (NASDAQ:AMD) on Tuesday.
Ark Fintech Innovation ETF (NYSE:ARKF), ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), ARK Space Exploration & Innovation ETF (BATS:ARKX) and ARK Autonomous Technology & Robotics ETF (BATS: ARKQ) were among the ETFs that made these trades.
The Reddit Trade
Ark Invest purchased 35,955 shares of Reddit through ARKF. At the last closing price of $54.36, this trade is valued at approximately $1.95 million.
Reddit reported a strong second-quarter performance with a 54% year-over-year increase in total revenue and a 51% rise in daily active unique users (DAUq) to 91.2 million. Despite this, the stock has been on a decline due to the upcoming end of the pre-IPO lockup for private or pre-IPO investors and the stock's low average revenue per user (ARPU) growth.
The Amazon Trade
Ark Invest bought 39,942 shares of Amazon.com through ARKK, ARKQ, ARKW, ARKF and ARKX. This trade is estimated to be worth around $6.5 million, based on the last closing price of $161.93.
Amazon has been a popular choice for Ark Invest. The company made significant trades in Amazon on Monday, a day marked by a substantial market downturn. The investment firm also went shopping for AMD, Tesla, and other shares amid the market crash.
The AMD Trade
Ark Invest acquired 105,002 shares of Advanced Micro Devices via ARKK, ARKQ and ARKW. This trade is valued at approximately $13.7 million, based on the last closing price of $130.18.
It should be noted that on Monday amid a global market rout, AMD shares rose after a morning dip driven by NVIDIA’s design flaw in its Blackwell accelerators, which could delay shipments until early 2025. NVIDIA later addressed concerns, easing market fears, despite weak performance from other chipmakers like Intel.
Other Key Trades:
- ARKF sold shares of Block Inc
- ARKF bought shares of Robinhood Markets Inc
- ARKG sold shares of Teladoc Health Inc
- ARKG sold shares of Verve Therapeutics Inc
- ARKK sold shares of Zoom Video Communications Inc
- ARKK sold shares of Block Inc
- ARKK bought shares of Coinbase Global Inc
Read Next:
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Posted-In: Advanced Micro Devices Amazon.com Inc AMD ARK Invest ETFsEquities News Markets ETFs
