Cathie Wood's Ark Invest Makes Significant Robinhood, Coinbase and Tempus AI Trades

On Thursday, Cathie Wood's Ark Invest made significant trades, focusing on acquiring shares in Robinhood Markets Inc HOOD, Coinbase Global Inc COIN, and Tempus AI Inc TEM.

Cathie Wood’s Ark Invest made substantial trades on Thursday, primarily focusing on adding to existing holdings and introducing a new position.

The trades included buying shares of:

* Robinhood Markets Inc (NASDAQ:HOOD)

* Coinbase Global Inc (NASDAQ:COIN)

* Tempus AI Inc (NASDAQ:TEMP)

These transactions are unfolding amid a broader market environment that has seen significant volatility, especially affecting cryptocurrency-related stocks.

What Happened: According to recent SEC filings, Ark Invest’s ARK Innovation ETF ARKK fund purchased 143,855 shares of Robinhood. The stock closed at $36.02 on Thursday, rendering the total investment to be approximately $5.18 million.

This new investment comes as Robinhood, along with other crypto-related stocks, faced selling pressure. This selling pressure unfolded as Bitcoin’s price fell below the $79,000 level, sparking broader weakness in the market. However, despite the selling pressure, traders are now spotting interesting opportunities in the market.

See More: Top 50 Dividend Stocks to Buy in 2023

Coinbase (NASDAQ:COIN) Shares Purchased By Ark Invest’s ARKK ETF

In another trading activity, Ark’s ARKK fund acquired 29,353 shares of Coinbase. The stock closed at $177.49, rendering the total investment to be around $5.21 million.

Coinbase has been in the news recently following its exclusion from the S&P 500 and the broader cryptocurrency market downturn. However, analysts like Chris Brendler from Rosenblatt have maintained a positive outlook, suggesting the recent pullback presents an opportunity to buy the stock.

Tempus AI (NASDAQ:TEMP) Shares Bought For 4th Consecutive Day

The final trade saw Ark’s ARKK fund buying 30,119 shares of Tempus AI Inc (NASDAQ:TEMP). The shares closed at $42.16 on Thursday, rendering the total investment to be approximately $1.23 million.

This purchase follows Ark’s previous $1.36 million investment in Tempus AI on Wednesday. Notably, Ark has purchased Tempus AI stock on every day of this week. Amid the Tech stock bloodbath on Monday, it had scooped up a whopping $13.23 million worth of shares.

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