Cathie Wood's ARK ETFs sold Robinhood shares, bought Amazon and Coinbase stocks

From Nasdaq
October 9, 2024 06:55 AM:

Ace hedge fund manager Cathie Wood’s ARK Invest ETFs sold shares of Robinhood Markets (HOOD) and bought Amazon (AMZN) and Coinbase Global (COIN) stocks on October 8. Wood’s ARK Innovation ETF (ARKK) and ARK Fintech Innovation ETF (ARKF) were involved in these trades.

ARK ETFs also added stocks like CRISPR Therapeutics AG (CRSP) and sold Markforged Holding Corp. (MKFG). Wood’s calls reflect her belief in disruptive stocks, even if they differ from analysts’ views.

Analysts are divided on Robinhood stock, with a Moderate Buy consensus rating on HOOD stock. The average price target of $23.54 suggests an 8.1% downside potential. Year-to-date, HOOD shares have gained over 101%, with ARK ETFs selling over 1.4 million shares.

Amazon stock has a Strong Buy consensus rating, with an average price target of $223.43 implying a 22.3% upside potential. Wood’s ARKK ETF added over 76,000 AMZN shares valued at $13.83 million, showing confidence in Amazon’s prospects.

Coinbase stock has a Moderate Buy consensus rating, with an average price target of $258.17 indicating a nearly 54% upside potential. Wood’s ARKF ETF added over 12,000 COIN shares worth $2.19 million, making Coinbase a significant holding in ARK’s ETFs.

Read more at NASDAQ.: Cathie Wood’s ARK ETFs Offload Robinhood Shares and Snap up Amazon, Coinbase Stocks