ARK Invest added to Circle after the company missed Wall Street's earnings and revenue expectations, and sold Shopify after an earnings beat.
- ARK added Circle across three ETFs, signaling continued conviction in the stablecoin issuer.
- SpaceX and Nvidia remained among Cathie Wood's biggest buys despite recent AI volatility.
- Palantir was sold across nearly every major ARK ETF in the latest portfolio rebalance.
Cathie Wood’s Ark Invest continued to pick up more shares of Circle (CRCL), SpaceX (SPCX), and Nvidia (NVDA), while selling off its stake in Palantir (PLTR) and Shopify (SHOP).
Cathie Wood added CRCL stock and SHOP shares on the same-day as the two companies reporting their second-quarter (Q2) results. While Circle missed analyst expectations on both earnings and revenue, Shopify’s Q2 results beat Wall Street estimates.
CRCL stock fell nearly 2% in pre-market trade on Thursday, while SHOP stock traded flat. On Stocktwits, retail sentiment around both firms improved to ‘bullish’ from ‘neutral’ territory over the past day.
Cathie Woods Buys CRCL Post-Earnings, Trims SHOP Stake
According to ARK's daily trade disclosure, the firm bought 194,333 CRCL shares in its flagship ARK Innovation ETF (ARKK), 55,135 shares in the ARK Next Generation Internet ETF (ARKW), and 23,875 shares in the ARK Fintech Innovation ETF (ARKF).
On Wall Street, analysts like H.C. Wainwright also trimmed their price target on CRCL stock after the earnings. The firm now has a $104 target, down from $115 but kept a ‘Buy’ rating on the shares.
Meanwhile, Palantir was trimmed across nearly every major fund. The firm sold 63,346 shares from ARKK, 17,893 from ARKW, and 7,794 from ARKF despite the company's earnings beat.
SpaceX, Nvidia Remain Key AI Bets
The firm bought 104,008 SpaceX shares in ARKK, 34,251 shares in ARK Autonomous Technology & Robotics ETF (ARKQ), 29,510 shares in ARKW, and 14,061 shares in ARK Space Exploration & Innovation ETF (ARKX).
Nvidia purchases were spread across five ETFs, including 43,002 shares in ARKK, 14,161 in ARKQ, 12,201 in ARKW, 5,238 in ARKF, and 5,813 in ARKX.
NVDA stock traded flat in pre-market trade, while SPCX stock gained as much as 1.3% ahead of its first major unlock after reporting earnings earlier this week. However, on Stocktwits, retail sentiment around Nvidia trended in ‘bullish’ territory over the past day while sentiment around SpaceX remained in the ‘neutral’ zone.
Palantir, Roblox See Fresh Selling
The largest sale came in Roblox, where ARK sold 332,154 shares from ARKK, 94,202 shares from ARKW, and 41,130 shares from ARKF.
Palantir was also trimmed across nearly every major fund. ARK sold 37,840 shares from ARKK, 16,836 from ARKQ, 9,734 from ARKW, 1,238 from ARKF, and 4,611 from ARKX.
RBLX stock traded flat in pre-market trade, while PLTR stock fell 1.1%.
Read also: CRCL Stock Shrugs Off Q2 Miss – Circle CEO Is Betting On Growth Beyond USDC Stablecoin
