On Wednesday, Cathie Wood-led Ark Invest made significant trades involving several prominent stocks, including Cloudflare Inc. (NYSE:NET), Cerebras Systems Inc. (NASDAQ:CBRS), Broadcom Inc. (NASDAQ:AVGO), Advanced Micro Devices Inc. (NASDAQ:AMD), and CrowdStrike Holdings Inc. (NASDAQ:CRWD).
The Cloudflare Trade
Ark Invest made a notable move with Cloudflare shares. The company recently reported impressive second-quarter earnings, surpassing expectations with earnings of 29 cents per share against an estimated 27 cents. Revenue reached $696.06 million, exceeding the forecast of $665.5 million.
The stock closed at $284.89 on Wednesday. Ark’s purchase of 47,794 Cloudflare shares was executed through ARK Innovation ETF (BATS:ARKK), ARK Next Generation Internet ETF (BATS:ARKW) and ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), with the transaction valued at approximately $13.6 million based on the closing price.
The Cerebras Trade
Ark Invest also engaged in trading Cerebras Systems. The company recently launched the CS-4, an AI server system aimed at challenging Nvidia with its advanced wafer-scale chips.
On Wednesday, CBRS closed at $182.15. Ark’s purchase of 49,241 CBRS shares was conducted through ARKK and ARKW, with the transaction valued at approximately $9 million based on the closing price.
Notably, on Tuesday, Wood purchased $17.2 million worth of Cerebras stock.
The Broadcom Trade
Broadcom was another focus for Ark Invest. The company faced scrutiny over its AI expansion financing, with a potential $370 billion debt looming.
Despite this, Ark saw value in buying 57,705 AVGO shares. The stock closed at $355.59, down 0.32%. Ark’s trade in AVGO was executed through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARKK, AKRW, with the transaction valued at approximately $20.5 million based on the closing price.
The AMD Trade
Raymond James analyst Simon Leopold recently upgraded AMD from Outperform to Strong Buy and raised the price target to $641 from $565, citing growing demand for server CPUs driven by AI workloads. AMD closed at $456.74 on Monday.
Ark’s sale of 37,977 AMD shares was conducted through ARKK, ARKW, ARKQ and ARKF, with the transaction valued at approximately $18.3 million based on the closing price.
On Tuesday, Ark sold $3.6 million worth of AMD stock.
The CrowdStrike Trade
Ark Invest sold 14,339 CrowdStrike shares. The company reported a strong second quarter on Wednesday, with revenue of $1.47 billion, surpassing estimates. “Q2 was the best quarter in CrowdStrike’s history," said George Kurtz, founder and CEO of CrowdStrike
CRWD’s stock closed at $189.18. Ark’s trade in CRWD was executed through ARKW, with the transaction valued at approximately $2.7 million based on the closing price.
Other Key Trades:
- Sold 15,183 shares of Brera Holdings PLC (SLMT) through ARKK, 6,012 shares from ARKW and 3,805 shares from ARKF.
- Sold 14,965 shares of Roblox Corp (RBLX) through ARKK.
- Sold 25,009 shares of Robinhood Markets Inc. through ARKW.
Benzinga Edge Stock Rankings indicate CrowdStrike stock has a Momentum score in the 95th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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