Ace hedge fund manager Cathie Wood’s ARK Invest ETFs (exchange-traded funds) offloaded shares of Robinhood Markets (HOOD), while snapping up Amazon (AMZN) and Coinbase Global (COIN) stocks. Specifically, these trades in Wood’s ARK Innovation ETF (ARKK) and ARK Fintech Innovation ETF (ARKF) were reported on October 8.
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ARK ETFs also added stocks of some other interesting names, including CRISPR Therapeutics AG (CRSP), Intellia Therapeutics Inc. (NTLA), Blade Air Mobility Inc. (BLDE), Gitlab (GTLB), and Meta Platforms (META) among others. At the same time, Wood sold shares of Markforged Holding Corp. (MKFG), Taiwan Semi (TSM), and Rocket Labs USA (RKLB) among other sell bets. Below is a glimpse of how some of these stocks compare on TipRanks’ Stock Comparison tool.
As can be seen from the above chart, some of Wood’s calls are in stark contrast to analysts’ views, displaying her staunch belief in the stocks that she sees as disruptive.
Is Robinhood Stock a Buy Today?
Analysts remain divided on Robinhood stock. On TipRanks, HOOD stock has a Moderate Buy consensus rating based on eight Buys, seven Holds, and one Sell rating. Also, the average Robinhood Markets price target of $23.54 implies 8.1% downside potential from current levels. Year-to-date, HOOD shares have gained over 101%.
Robinhood Markets operates an online financial services portal. Three of ARK line of ETFs sold 1,421,431 HOOD shares yesterday, totaling $33.15 million. Wood’s ARK Innovation ETF was the biggest seller of HOOD stock. Following the sale on ARKK, Robinhood still stands at the 7th position in the ETF, representing 4.91% of the portfolio.
Is Amazon a Good Stock to Buy Right Now?
Wall Street is highly optimistic about Amazon stock’s trajectory owing to its well-established business lines. On TipRanks, AMZN stock has a Strong Buy consensus rating based on 43 Buys versus two Hold ratings. The average Amazon.com price target of $223.43 implies 22.3% upside potential from current levels. Amazon is the third largest trillion-dollar market cap company in the world, with its shares gaining 42.5% in the past year.
Wood’s ARKK ETF added 76,505 AMZN shares value at $13.83 million yesterday. Interestingly, Wood has shown considerable belief in Amazon’s prospects and has been steadily increasing its stake. Despite the consistent purchases, AMZN takes the 28th spot in ARKK’s portfolio, with a 0.74% representation.
Is Coinbase Stock a Buy?
With the recent pullback in cryptocurrency prices, analysts are divided on Coinbase stock. On TipRanks, COIN stock has a Moderate Buy consensus rating based on seven Buys, seven Holds, and one Sell rating. The average Coinbase Global price target of $258.17 implies a nearly 54% upside potential from current levels.
Wood’s ARKF ETF added 12,994 COIN shares worth $2.19 million yesterday. COIN takes the number two spot in ARKF, representing a 7.43% holding in the portfolio. Wood has always been bullish on the cryptocurrency world and Coinbase represents a major portion of ARK’s line of ETFs.
