Cathie Wood Loads Up on Rocket Lab and Robinhood While Cutting Palantir and Tempus AI

TLDR

• Ark Invest bought over 705K shares of Rocket Lab worth about $45M, making space its biggest area of conviction last week
• Ark added 28,589 shares of Robinhood Markets worth $3.5M, reversing recent sales as the stock rebounded over 30% in the past month
• Palantir and Tempus AI were the biggest sells, at $25M and $27.7M respectively
• Robinhood Chain daily revenue jumped from below $200K to $4M in early September, prompting Deutsche Bank to raise its price target to $136
• Ark Innovation ETF has a five-year annualized return of -7.02%, compared to the S&P 500’s 11.22% over the same period

Cathie Wood’s Ark Invest made a series of trades last week, leaning into space, fintech, crypto, and biotech while trimming tech and healthcare holdings.

Ark’s Biggest Buys

Space was the firm’s top focus. Ark bought over 705,000 shares of Rocket Lab worth about $45 million. In fintech, Ark picked up 456,000 shares of Block worth about $37 million.

Rocket Lab USA, Inc., RKLB

Ark also bought 28,589 shares of Robinhood Markets worth about $3.5 million. That reversed a series of recent sales, including 25,009 shares sold on August 26 and a larger sell-off in July.

In biotech, Ark added 274,000 shares of Intellia Therapeutics worth about $3.5 million, along with smaller positions in Veracyte, Guardant Health, and Scribe Therapeutics.

On the crypto side, Ark bought 35,000 shares of Circle Internet Group worth about $3.3 million and added the 3iQ Solana Staking ETF.

The Sells

Ark’s biggest trims were in tech and healthcare. Palantir Technologies was cut by $25 million. Shopify was reduced by $23.6 million and Advanced Micro Devices by $8.1 million.

On the healthcare side, Tempus AI was trimmed by $27.7 million and Twist Bioscience by $11.9 million. Ark also cut Deere and Roblox by smaller amounts.

Robinhood and Bitcoin

Robinhood stock has risen more than 30% over the past month, tracking a 23% rise in Bitcoin to near $80,000. The stock had fallen below $70 during the second quarter when Bitcoin dropped to around $68,000.

Deutsche Bank analyst Brian Bedell raised his price target on Robinhood to $136 from $115 on September 4, keeping a buy rating. He pointed to strong growth in Robinhood Chain, the company’s blockchain network.

Robinhood Chain daily revenue was below $200,000 through mid-August. It then jumped to $3.38 million on September 1 and $4.01 million on September 2, according to DeFiLlama data.

Deutsche Bank now expects Robinhood Chain revenue to exceed a $100 million annualized run rate going forward.

Robinhood is now the seventh largest holding in Ark Innovation ETF, at 4.28% of the fund.

Wood has also spoken publicly about Bitcoin, calling it “a technology revolution” and “a new global monetary system.” She said Bitcoin could act as both a risk-on and risk-off asset as disruptive technologies reshape the economy.

Ark Innovation ETF is up 12.09% year-to-date as of September 4, just below the S&P 500’s 12.75% gain over the same period. Over five years, the fund has returned -7.02% annualized, versus 11.22% for the S&P 500.

The fund saw about $1.71 billion in net outflows over the past 12 months through September 3.

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