Cathie Wood-Led Ark Invest Dumps $4.3M Worth Of Nvidia Shares Amid Rebound -- Swoops Into Buy Stock Of This Netflix Rival

Benzinga Neuro

June 25, 2024

On Tuesday, June 25, 2024, Cathie Wood-led Ark Invest made significant trades in NVIDIA Corp (NASDAQ:NVDA) and Roku Inc (NASDAQ:ROKU), amidst considerable market volatility. These trades were part of a series of transactions carried out by Ark’s various ETFs.

The NVIDIA Trade

The firm’s ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) sold 33,834 NVIDIA shares on Tuesday. The transaction was valued at $4.3 million. On the day, Nvidia shares closed 6.8% higher at $126.09.

This move comes in the wake of a significant market cap loss for the tech giant, which saw a $550 billion drop since Thursday. Despite this, NVIDIA managed to rebound by over 6% on Tuesday, regaining its position as the third most valuable corporation, behind Microsoft Corporation and Apple Inc.

Concerns about NVIDIA’s influence on the S&P 500 Index have been raised, with some analysts warning of a potential broader market slump if the company experiences a significant sell-off. Despite these concerns, NVIDIA’s fundamentals remain strong, with first-quarter 2024 earnings exceeding Wall Street's expectations, driven by strong performance in its data center and automotive segments.

The Roku Trade

ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW) funds bought 96,465 Roku shares on Tuesday in a transaction valued at $5.3 million. Roku shares closed 0.35% higher at $54.64 in the regular session on Tuesday.

This move comes amidst a turbulent market for Roku, with its stock caught in a fierce bull-bear debate recently. Despite competitive threats, bullish investors are enthusiastic about Roku's revenue potential from several fronts.

The Netflix-rival recently unveiled Roku Exchange, an advertising technology solution designed to bridge ad inventory with advertiser demand directly. This platform represents a significant advancement in streaming-first advertising technology, further solidifying Roku’s position in the market.

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Other Key Trades:

Ark Invest’s ARKG fund sold a significant number of shares in Ginkgo Bioworks Holdings Inc (NASDAQ:DNA). ARKG also bought shares in Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT) and 10X Genomics Inc (NASDAQ:TXG).
ARKK sold shares in Zoom Video Communications Inc (NASDAQ:ZM) and bought shares in PagerDuty Inc (NYSE:PD). ARKQ bought shares in Blade Air Mobility Inc (NASDAQ:BLDE) and Markforged Holding Corp (NASDAQ:MKFG).

Read Next: ‘Stock Market Has A Bad Breadth Problem Again,’ Veteran Wall Street Investor Warns

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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