On Thursday, Cathie Wood-led Ark Invest executed significant trades involving Tempus AI Inc. (Pre-Reincorporation)TEM, Bullish BLSH, Amazon.com Inc. AMZN, and Figma Inc. FIG.
The Tempus AI Trade
Ark Invest made a notable move by selling shares of Tempus AI across its ARK Genomic Revolution ETF ARKG and ARK Innovation ETF ARKK. The sale involved 8,864 shares in ARKG and 49,765 shares in ARKK. With a closing price of $88.78 on Thursday, the total value of the shares sold amounted to approximately $5.2 million.
This decision comes on the heels of Tempus AI’s recent achievement of receiving 510(k) clearance from the Food and Drug Administration for its updated Tempus Pixel, an AI-powered cardiac imaging platform. This clearance enhances the platform’s capabilities, potentially boosting its market position.
The Bullish Trade
Ark Invest’s Ark Fintech Innovation ETF ARKF acquired 34,746 shares of Bullish on Thursday. With a closing price of $53.99, the purchase was valued at approximately $1.9 million. Bullish, a company making waves in the cryptocurrency sector, recently raised around $1.1 billion in its U.S. IPO. Analysts are optimistic about Bullish’s potential to benefit from a significant crypto tailwind, although concerns about scalability remain.
The Amazon Trade
The ARK Next Generation Internet ETF ARKW purchased 13,087 shares of Amazon, valued at approximately $3 million, based on Thursday’s closing price of $229.95. This move aligns with Amazon’s recent advancements, including the launch of its Zoox robotaxi service on the Las Vegas Strip. The service, which features fully autonomous ride-hailing vehicles, positions Amazon as a formidable competitor to industry giants like Tesla and Waymo.
The Figma Trade
ARKW ETF also acquired 85,535 shares of Figma on Thursday, with the transaction valued at approximately $4.8 million, given the closing price of $55.96. Despite Figma’s mixed second-quarter results, which included zero cents per share earnings against an 18-cent estimate, the company’s revenue exceeded expectations. Wells Fargo’s Michael Turrin maintained an Equal-Weight rating on Figma while cutting the price target from $82 to $70, RBC Capital’s Rishi Jaluria kept a Sector Perform rating and lowered his target from $75 to $65, and Morgan Stanley’s Elizabeth Porter reiterated an Equal-Weight rating while trimming the target from $80 to $70.
Other Key Trades:
- Klarna Group PLC (KLAR): ARKF purchased 286,026 shares.
- Toast Inc. (TOST): ARKF acquired 78,149 shares.
- eToro Group Ltd. (ETOR): ARKF bought 35,309 shares.
Benzinga’s Edge Stock Rankings show Figma checks out on Medium and Long Price Trends. Here is how the stock ranks on other metrics.
Photo Courtesy: Ira Lichi On Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
