On Thursday, Cathie Wood-led Ark Invest executed significant trades involving Tempus AI Inc. (Pre-Reincorporation)(NASDAQ:TEM), Bullish (NYSE:BLSH), Amazon.com Inc. (NASDAQ:AMZN), and Figma Inc. (NYSE:FIG).
The Tempus AI Trade
Ark Invest made a notable move by selling shares of Tempus AI across its ARK Genomic Revolution ETF (BATS:ARKG) and ARK Innovation ETF (BATS:ARKK). The sale involved 8,864 shares in ARKG and 49,765 shares in ARKK. With a closing price of $88.78 on Thursday, the total value of the shares sold amounted to approximately $5.2 million.
This decision comes on the heels of Tempus AI’s recent achievement of receiving 510(k) clearance from the Food and Drug Administration for its updated Tempus Pixel, an AI-powered cardiac imaging platform. This clearance enhances the platform’s capabilities, potentially boosting its market position.
The Bullish Trade
Ark Invest’s Ark Fintech Innovation ETF (BATS:ARKF) acquired 34,746 shares of Bullish on Thursday. With a closing price of $53.99, the purchase was valued at approximately $1.9 million. Bullish, a company making waves in the cryptocurrency sector, recently raised around $1.1 billion in its U.S. IPO. Analysts are optimistic about Bullish’s potential to benefit from a significant crypto tailwind, although concerns about scalability remain.
The Amazon Trade
The ARK Next Generation Internet ETF (BATS:ARKW) purchased 13,087 shares of Amazon, valued at approximately $3 million, based on Thursday’s closing price of $229.95. This move aligns with Amazon’s recent advancements, including the launch of its Zoox robotaxi service on the Las Vegas Strip. The service, which features fully autonomous ride-hailing vehicles, positions Amazon as a formidable competitor to industry giants like Tesla and Waymo.
The Figma Trade
ARKW ETF also acquired 85,535 shares of Figma on Thursday, with the transaction valued at approximately $4.8 million, given the closing price of $55.96. Despite Figma’s mixed second-quarter results, which included zero cents per share earnings against an 18-cent estimate, the company’s revenue exceeded expectations. Wells Fargo's Michael Turrin maintained an Equal-Weight rating on Figma while cutting the price target from $82 to $70, RBC Capital's Rishi Jaluria kept a Sector Perform rating and lowered his target from $75 to $65, and Morgan Stanley's Elizabeth Porter reiterated an Equal-Weight rating while trimming the target from $80 to $70.
Other Key Trades:
- Klarna Group PLC (KLAR): ARKF purchased 286,026 shares.
- Toast Inc. (TOST): ARKF acquired 78,149 shares.
- eToro Group Ltd. (ETOR): ARKF bought 35,309 shares.
Benzinga's Edge Stock Rankings show Figma checks out on Medium and Long Price Trends. Here is how the stock ranks on other metrics.
Photo Courtesy: Ira Lichi On Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
