Cathie Wood Scoops Up Tesla Shares as Stock Sinks, Ark Trims Robinhood Amid Crypto Weakness

Ark Invest purchased 160,151 shares of Tesla on Thursday through ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Next Generation Internet ETF (BATS:ARKW) and ARK Space & Defense Innovation ETF (BATS:ARKX). The transaction was valued at $51.2 million.

The buying came as the Elon Musk-led company’s stock sank after the company missed second-quarter adjusted earnings expectations, a result that pushed the shares toward their worst day in more than a year.

Investors were digesting a softer quarter that highlighted pressure from discounting and weaker regulatory credit revenue, two factors that weighed on margins.

Read Also: Alphabet Spending Too Much on AI? Wall Street Sees Both Opportunity and Risk After Earnings: 'The Cloud Number Is the Most Important Number'

The Robinhood Trade

Ark sold 40,553 shares of Robinhood through ARKW on the same day. The company’s stock ended the day at $101.58, making the transaction worth $4.1 million.

Robinhood stock ended Thursday 2.78% lower. The decline came as the broader market pulled back and investors digested weakness in crypto-linked names, a segment that remains important to Robinhood’s trading activity and growth narrative.

Robinhood has also stayed in focus as Ark has rotated out of the stock in recent weeks. On Wednesday, Wood had sold $10.2 million worth of Robinhood shares.

Other Key Trades

• Ark sold 976,368 shares of Figma Inc. (FIG) across ARKK and ARKW.
• ARKK sold 152,597 shares of 10X Genomics Inc. (TXG), another sizable reduction.
• ARKQ sold 65,588 shares of Iridium Communications Inc. (IRDM), while ARKX also trimmed the name.
• ARKQ bought 62,694 shares of WeRide Inc. (WRD).
• ARKK added 130,136 shares of Circle Internet Group Inc. (CRCL).

Benzinga Edge Stock Rankings indicate Robinhood stock has a Momentum score in the 49th percentile and a Value score in the 11th percentile.

Read Also: Intel, Amkor Technology, MaxLinear, Lockheed Martin and Oracle: Why These 5 Stocks Are on Investors' Radars Today

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: ChrisStock82 / Shutterstock.com