Cathie Wood Bets $16.6 Million on SpaceX as Elon Musk's Rocket Company Falls Below IPO Price
Cathie Wood-led Ark Invest executed significant trades on Wednesday, focusing on Space Exploration Technologies Corp. (NASDAQ:SPCX) and Robinhood Markets Inc. (NASDAQ:HOOD). These trades reflect Ark’s strategic adjustments amidst market fluctuations and evolving company narratives.
The SpaceX Trade
Ark Invest made a notable purchase of SpaceX shares across multiple ETFs, including ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Next Generation Internet ETF (BATS:ARKW), and ARK Space & Defense Innovation ETF (BATS:ARKX). The total acquisition amounted to 122,807 shares. At the closing price of $135.27, this purchase is valued at approximately $16.6 million.
The Elon Musk-led company’s stock recently experienced a dip below its IPO price of $135, marking a significant moment in its trading history. The stock has seen a decline from its peak of around $225, a drop of over 30%.
Notably, on Monday, Wood had purchased $21.3 million worth of SpaceX stock.
The Robinhood Trade
On the same day, Ark Invest sold 33,466 shares of Robinhood from its ARKK ETF. With the stock closing at $115.54, this transaction is valued at approximately $3.9 million.
Robinhood has been making waves with its expansion into crypto and DeFi, including the launch of a public Layer-2 blockchain and other innovative financial products. These initiatives have positively impacted its stock, as evidenced by a recent price target increase by Mizuho to $130.
Other Key Trades
- Sold 148,988 shares of Personalis Inc. (PSNL) from ARKG.
- Sold 99,977 shares of 10X Genomics Inc. (TXG) from ARKK.
- Bought 141,890 shares of X-Energy Inc. (XE) in ARKK.
- Bought 107,502 shares of Kodiak AI Inc. (KDK) in ARKQ.
Benzinga Edge Stock Rankings indicate SpaceX stock ranks poorly on Short, Medium and Long Price Trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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