Cathie Wood Buys the Airbnb Dip With $21.5 Million Stock Purchase, Dumps Palantir, DraftKings And Robinhood Shares

On Thursday, Cathie Wood-led Ark Invest executed significant trades involving Airbnb Inc. (NASDAQ:ABNB), Robinhood Markets Inc. (NASDAQ:HOOD), Palantir Technologies Inc. (NASDAQ:PLTR), and DraftKings Inc. (NASDAQ:DKNG). These trades reflect Ark’s strategic adjustments in response to recent market developments and company-specific news.

The Airbnb Trade

ARK Innovation ETF (BATS:ARKK), Ark Fintech Innovation ETF (BATS:ARKF), and ARK Next Generation Internet ETF
(BATS:ARKW) funds collectively acquired 179,197 shares of Airbnb. The online vacation rental platform recently reported its second-quarter earnings, which included a revenue increase of 13% year-over-year, reaching $3.1 billion. However, despite exceeding analyst expectations, Airbnb’s shares fell by 8.02% to close at $120.03 due to concerns about slowing growth in the latter half of the year. The total value of Ark’s Airbnb purchase was approximately $21.5 million.

The Robinhood Trade

Ark Invest’s ARKW fund sold 21,990 shares of Robinhood valued at approximately $2.4 million. Robinhood’s stock has been on an upward trajectory, gaining 13% over the past month. This surge is partly attributed to CEO Vlad Tenev‘s comments on the potential for significant revenue growth through cryptocurrency tokenization. Robinhood’s shares rose by 5.28% to close at $111.23 on Thursday. Recently, the company released its second-quarter results, showing crypto revenue had almost doubled from a year earlier and made up 30% of its total transaction-based revenue.

The Palantir Trade

Ark Invest’s ARKK fund reduced its holdings in Palantir by selling 38,880 shares, amounting to approximately $7.1 million. Palantir recently reported second-quarter earnings that surpassed analyst expectations, with revenue reaching $1.004 billion. The company credited its strong performance to the growing impact of AI technologies. Palantir’s shares closed at $182.20, up 1.48% on Thursday. 

The DraftKings Trade

Ark Invest’s ARKK fund sold 155,217 shares of DraftKings valued at approximately $7.01 million. DraftKings recently reported second-quarter revenue of $1.51 billion, surpassing analyst estimates. Despite initially rising on the earnings news, DraftKings’ shares fell by 0.35% to close at $45.20 on Thursday. 

Other Key Trades:

• Exact Sciences Corp (EXAS): Ark Invest’s ARKG and ARKK funds purchased a total of 1,610,722 shares.
• Guardant Health Inc (GH): Ark Invest’s ARKG and ARKK funds sold a total of 1,419,766 shares.
• Roblox Corp (NASDAQ:RBLX): Ark Invest’s ARKF and ARKK funds sold a total of 14,825 shares.

Benzinga’s Edge Stock Rankings indicate that Airbnb stock falters on Short, Medium and Long Price Trends, here is how it stacks up on other metrics.

Photo Courtesy: Ira Lichi On Shutterstock.com

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