Cathie Wood's Thursday Bet: ARK Just Bought $31 Million Worth Of Falling Deere Stock, Also Loads Up On Block, Robinhood Shares

Ark Invest, led by Cathie Wood, made significant trades on Thursday — focusing on Deere & Co. DE, Block Inc. XYZ and Robinhood Markets Inc. HOOD.

The Deere Trade

The ARK Innovation ETF ARKK bought 64,789 shares of the manufacturer of agricultural equipment despite the company’s stock experiencing a 6.76% drop, closing at $478.84. This purchase, valued at approximately $31.02 million, follows Deere’s mixed third-quarter results, which revealed a 9% sales decline to $12.02 billion, though earnings per share surpassed expectations at $4.75.

The agricultural equipment giant is grappling with challenges such as tariffs and reduced customer demand, which have led to a downward revision of its full-year profit forecast. 

The Block Trade

The ARK Next Generation Internet ETF ARKW purchased 86,706 shares of the Bitcoin BTC/USD-focused company. This amounted to a trade value of approximately $6.6 million, with the stock closing at $76.04. This move follows Block’s announcement of a $1.5 billion debt offering, which sent its shares higher earlier in the week. The fintech firm, led by CEO Jack Dorsey, has also raised its full-year profit guidance to $10.17 billion, attributing its optimistic outlook to advancements in artificial intelligence. 

Notably, Bitcoin tumbled 3.92% on Thursday to $118,704.48, falling 4.6% from its all-time high of $124,457.12 set earlier that same day

The Robinhood Trade

Ark Invest’s ARKK fund acquired 87,681 shares of the retail-favored trading platform. This purchase, valued at approximately $9.7 million, was made at a closing price of $110.71 per share. Robinhood has been in the spotlight due to its impressive growth in user base and platform assets. In July, the company reported a 7% increase in total platform assets, reaching $298 billion. This growth was further bolstered by a surge in cryptocurrency trading volumes.

Despite a recent dip in stock prices, attributed to insider sales of $180 million worth of shares, Robinhood’s stock has seen a remarkable 176% increase year-to-date. The company’s strong performance in the second quarter and its plans for cryptocurrency and tokenization have fueled investor optimism.

Other Key Trades:

• ARKF purchased 54,499 shares of Ibotta Inc. (IBTA), while ARKW purchased 59,545 shares.
• ARKG acquired 133,295 shares of Personalis Inc (PSNL).
• ARKK bought 298,422 shares of Exact Sciences Corp (EXAS).
• ARKK purchased 80,619 shares of Illumina Inc. (ILMN).
• ARKW acquired 76,713 shares of Datadog Inc. (DDOG).

Benzinga’s Edge Stock Rankings indicate Block has a Momentum in the 49th percentile and Growth in the 42nd percentile. How does it stack up against a cryptocurrency-oriented stock like Robinhood?

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Photo Courtesy: Ira Lichi On Shutterstock.com

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