Cathie Wood's Thursday Bet: ARK Just Bought $31 Million Worth Of Falling Deere Stock, Also Loads Up On Block, Robinhood Shares

Ark Invest, led by Cathie Wood, made significant trades on Thursday — focusing on Deere & Co. DE, Block Inc. XYZ and Robinhood Markets Inc. HOOD.Trending Investment OpportunitiesThe Deere TradeThe ARK Innovation ETF ARKK bought 64,789 shares of the manufacturer of agricultural equipment despite the company’s stock experiencing a 6.76% drop, closing at $478.84. This purchase, valued at approximately $31.02 million, follows Deere’s mixed third-quarter results, which revealed a 9% sales decline to $12.02 billion, though earnings per share surpassed expectations at $4.75. The agricultural equipment giant is grappling with challenges such as tariffs and reduced customer demand, which have led to a downward revision of its full-year profit forecast. The Block TradeThe ARK Next Generation Internet ETF ARKW purchased 86,706 shares of the Bitcoin BTC/USD-focused company. This amounted to a trade value of approximately $6.6 million, with the stock closing at $76.04. This move follows Block’s announcement of a $1.5 billion debt offering, which sent its shares higher earlier in the week. The fintech firm, led by CEO Jack Dorsey, has also raised its full-year profit guidance to $10.17 billion, attributing its optimistic outlook to advancements in artificial intelligence. Notably, Bitcoin tumbled 3.92% on Thursday to $118,704.48, falling 4.6% from its all-time high of $124,457.12 set earlier that same dayThe Robinhood TradeArk Invest’s ARKK fund acquired 87,681 shares of the retail-favored trading platform. This purchase, valued at approximately $9.7 million, was made at a closing price of $110.71 per share. Robinhood has been in the spotlight due to its impressive growth in user base and platform assets. In July, the company reported a 7% increase in total platform assets, reaching $298 billion. This growth was further bolstered by a surge in cryptocurrency trading volumes.Despite a recent dip in stock prices, attributed to insider sales of $180 million worth of shares, Robinhood’s stock has seen a remarkable 176% increase year-to-date. The company’s strong performance in the second quarter and its plans for cryptocurrency and tokenization have fueled investor optimism.Other Key Trades: ARKF purchased 54,499 shares of Ibotta Inc. (IBTA), while ARKW purchased 59,545 shares. ARKG acquired 133,295 shares of Personalis Inc (PSNL). ARKK bought 298,422 shares of Exact Sciences Corp (EXAS). ARKK purchased 80,619 shares of Illumina Inc. (ILMN). ARKW acquired 76,713 shares of Datadog Inc. (DDOG). Benzinga’s Edge Stock Rankings indicate Block has a Momentum in the 49th percentile and Growth in the 42nd percentile. How does it stack up against a cryptocurrency-oriented stock like Robinhood? ‘Sit In The Boat’ And Wait For 1 Or 2 Trades A Year: Larry McDonald Says Charlie Munger, David Tepper, Einhorn Follow The Same Playbook Photo Courtesy: Ira Lichi On Shutterstock.comThis story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal