From Nasdaq MarketSite:

Cathie Wood’s Ark Invest offloaded over $2.8 million worth of Nvidia shares on Wednesday, with the transaction involving multiple Ark ETFs. This comes amid concerns about Nvidia’s soaring valuation, despite its growing role in AI. Nvidia shares closed 2.75% higher at $700.99, reflecting its 41.55% surge in 2024 and 215.69% appreciation over 12 months.

Ark’s sale of Nvidia shares marked a significant shift in its investment strategy, reflecting its cautious stance towards Nvidia’s soaring valuation despite the company’s potential in AI. While investors and market watchers are bullish on Nvidia’s future in AI, concerns linger over its expensive valuation. This comes amid Nvidia’s significant role in AI development, emphasizing Ark Invest’s deliberate actions.

Ark Invest also acquired over $1.32 million worth of Robinhood shares, showcasing increasing confidence in the company’s revised strategy and improving financial outlook. Analysts are optimistic about Robinhood’s potential, citing a positive trajectory within the fintech landscape. The acquisition signifies a positive shift in the firm’s strategy, aligning with upbeat analysis and predictions for Robinhood.

Other significant trades by Ark Invest include a substantial number of shares sold in UiPath Inc, signifying a strategic shift away from the automation software company and an increased stake in the genomics space with purchases in various innovative biotechnology firms. The move underscores Ark’s interest in cutting-edge genomic and pharmaceutical technologies, positioning the firm for further diversification.

Credit: © 2024 Benzinga.com.
Benzinga does not provide investment advice. All rights reserved.



Read more: Cathie Wood’s Ark Invest Sheds $2.8M Worth Of Nvidia Shares Amid AI Hype, Picks Up Robinhood Stock Worth $1.3M