Ark Invest Loads Up on Rocket Lab and Robinhood Amid Crypto Surge

Cathie Wood's Ark Invest made significant trades last week, showcasing its focus on space, fintech, crypto, and biotech. The fund purchased over 705,000 shares of Rocket Lab USA, worth around $45 million, making it a key area of conviction.

In addition to Rocket Lab, Ark also bought 28,589 shares of Robinhood Markets for about $3.5 million. This move reversed recent sales, including a larger sell-off in July. Robinhood's stock has seen a significant rebound, rising over 30% in the past month, following a 23% increase in Bitcoin to near $80,000.

Deutsche Bank analyst Brian Bedell raised his price target on Robinhood to $136 from $115 on September 4, citing strong growth in Robinhood Chain's daily revenue. The blockchain network saw its revenue jump from below $200,000 in mid-August to $4 million on September 2.

On the other hand, Ark trimmed its holdings in Palantir Technologies by $25 million and Tempus AI by $27.7 million. The fund also reduced its positions in Shopify and Advanced Micro Devices.