On Tuesday, Ark Invest, led by Cathie Wood, made some significant trades. The most notable ones included increased stakes in Palantir Technologies Inc (PLTR) and reduced holdings in Coinbase Global Inc (COIN).
Ark Invest’s ETFs, including Ark Fintech Innovation ETF, ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, and ARK Space Exploration & Innovation ETF, purchased a total of 1,353,667 shares of Palantir. This move came despite the company’s shares trading lower after its first-quarter financial results and softer guidance. The trade’s value, based on the closing price of $21.40, is approximately $29 million.
Palantir reported a 21% year-over-year increase in first-quarter revenue to $634 million, surpassing the consensus estimate. The company also reported adjusted earnings of 8 cents per share. However, the shares dropped due to the company’s light guidance for the second quarter and full year.
On the other hand, Ark Invest’s ARKF, ARKK, and ARK Next Generation Internet ETF sold a total of 70,616 shares of Coinbase. This decision was made despite Coinbase’s recent first-quarter earnings report, which showed a revenue beat and an all-time high in institutional trading volume. The trade’s value, based on the closing price of $214.34, is approximately $15.1 million.
Coinbase reported total revenue of $1.64 billion, surpassing the Street consensus estimate, with a GAAP EPS of $4.40.
Ark’s trade on Coinbase coincided with a period of subdued cryptocurrency values, with Bitcoin trading lower. This was amid regulatory action against Robinhood Markets Inc., a competitor of Coinbase, as it received a Wells Notice from the Securities and Exchange Commission.
In addition to these trades, Ark Invest’s ARKF and ARKW ETFs sold shares of Draftkings Inc, while ARKK sold shares of Twist Bioscience Corp. ARKQ bought the stock of Rocket Lab USA Inc, and ARKW purchased shares of Datadog Inc.
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