Cathie Wood Defies CoreWeave IPO Slump, Ark Snaps Up $3.6 Million Worth Of Stock In Nvidia-Backed Company
Cathie Wood's Ark Invest has made significant investments in CoreWeave Inc. and Robinhood Markets Inc. despite challenges faced by CoreWeave's IPO. Ark's ARK Next Generation Internet ETF purchased 98,159 shares of CoreWeave, valued at approximately $3.64 million, while also acquiring 31,731 shares of Robinhood, worth about $1.32 million. CoreWeave, backed by Nvidia, struggled to meet its IPO target, raising $1.5 billion instead of $2.7 billion, and carries $7 billion in debt. Other notable trades included investments in Tempus AI and GitLab.
On Monday,Cathie Wood-ledArk Investmade notable trades inCoreWeave Inc.CRWV andRobinhood Markets Inc.HOOD, according to the firm’s daily trade data.
The CoreWeave Trade:The ARK Next Generation Internet ETF ARKW bought 98,159 shares of CoreWeave, a company that recently had a challenging IPO. The Nvidia-backed company struggled to meet its fundraising target, settling for $1.5 billion instead of the initially aimed $2.7 billion. Despite generating $1.9 billion in revenue last year, the company remains unprofitable and carries $7 billion in debt. The value of this trade, based on the last closing price of $37.08, is approximately $3.64 million.
The Robinhood Trade: ARK Innovation ETF ARKK bought 31,731 shares of Robinhood. The company recently launched an AI-powered investment tool, Robinhood Cortex, and expanded into banking services, as reported byBenzinga. The value of this trade, based on the last closing price of $41.62, is approximately $1.32 million.
Other Key Trades:
- Ark’s ARKG ETF bought 50,271 shares of Tempus AI Inc. (TEM). The transaction was valued at $2.4 million.
- Ark’s ARKG ETF sold 10,120 shares of Veeva Systems Inc. (VEEV).
- Ark’s ARKG ETF bought 64,151 shares of Intellia Therapeutics Inc. (NTLA) and 335,693 shares through ARKK.
- Ark’s ARKK ETF bought 178,102 shares of GitLab Inc. GTLB and 282,395 shares through ARKW.
- Ark’s ARKW ETF sold 185,926 shares of Unity Software Inc. U.
Benzinga Edge Stock Rankings place Robinhood in the 97th percentile for strong momentum. Curious how crypto rival Coinbase compares? Click here to find out.
Image via Shutterstock
Read Next:
- How To Earn $500 A Month From Apple Stock – Apple AAPL
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal