On Thursday, Cathie Wood-led Ark Invest made significant trades involving $Robinhood Markets Inc.(HOOD)$ and $Archer Aviation Inc.(ACHR)$.
The Robinhood Trade
Ark Invest’s flagship fund, ARK Innovation ETF, sold 167,741 shares of Robinhood on Thursday. The transaction was valued at approximately $15.47 million, calculated using Robinhood’s closing price of $92.23. This move comes as Robinhood’s stock trends higher, driven by positive market sentiment.
Needham analyst John Todaro raised his price target on Robinhood to $97, citing the company’s strong May metrics and potential benefits from improved crypto regulations. Robinhood is also expanding its equities and options platforms, which could further enhance its market position.
Notably, Wood had sold 7.8 million worth of Robinhood shares on Wednesday as well.
The Archer Aviation Trade
In another notable move, ARKK sold 1,336,971 shares of Archer Aviation, amounting to approximately $7.08 million based on the closing price of $5.30. This sale follows Ark’s ongoing adjustments in response to Archer’s financial outlook and strategic plans.
Archer Aviation announced first-quarter results in early May that exceeded expectations, although concerns about cash burn and projected losses remain. The company is progressing with its U.S. operations launch and eVTOL certification.
Other Key Trades
Twist Bioscience Corp (TWST) — Sold 417,558 shares via ARKK.
Roku Inc (ROKU) – Sold 97,622 shares via ARKK.
10X Genomics Inc (TXG) – Sold 263,064 shares via ARKK.
Illumina Inc (ILMN) – Sold 46,265 shares via ARKK.
Teradyne Inc (TER) – Sold 105,062 shares across multiple funds via ARKQ, 86,908 via ARKX and 15,539 via ARKK.