Popular investor Cathie Wood loaded up on Alphabet (GOOGL) and Advanced Micro Devices (AMD) stocks on Monday, July 28, through the ARK Invest ETFs, reflecting confidence in the growth potential of these tech giants. However, as per the daily trades published by ARK, Wood offloaded shares of cryptocurrency exchange Coinbase (COIN) and financial services platform Robinhood (HOOD). Both Coinbase and Robinhood will report their Q2 earnings this week.
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Wood Loads Up on Alphabet and AMD Stocks
The most significant trade of yesterday was ARK’s purchase of 181,640 shares of Alphabet through its ARK Next Generation Internet ETF (ARKW) ETF, amounting to a hefty $35.25 million investment. The buy shows Wood’s strong belief in Alphabet’s strength in AI, digital advertising, and cloud services.
Another tech-focused buy came in the form of 25,155 shares of Advanced Micro Devices, bought through the ARK Autonomous Technology & Robotics ETF (ARKQ) and the ARK Space Exploration & Innovation ETF (ARKX), totaling $4.19 million. This adds to ARK’s recent AMD purchases and shows its growing confidence in the chipmaker’s AI data center growth and rising demand for its MI300X chips.
Wall Street’s Take on GOOGL and AMD
Turning to Wall Street, analysts remain bullish on Alphabet stock due to the company’s strong business momentum. Analysts are optimistic about the company’s strong position in search, growing cloud business, and long-term potential in AI and machine learning. Alphabet scores a Strong Buy consensus rating based on 27 Buys and nine Hold recommendations. The average GOOGL stock price target of $215.09 implies about 11.69% upside potential.
Meanwhile, analysts are cautiously optimistic about Advanced Micro Devices stock amid concerns over trade wars and broader economic pressures. The Moderate Buy consensus rating on AMD stock is based on 26 Buys and 10 Holds. The average AMD stock price target of $147.84 implies about 14.87% downside potential.
ARK Trims Stakes in Coinbase and HOOD
On the sell side, ARK offloaded 18,204 shares of Coinbase through ARKW for a total of $7.13 million. The move is part of a broader move by ARK to reduce risk, as crypto trading slows and regulatory concerns continue.
Additionally, the fund sold 119,090 shares of Robinhood across ARKW and ARK Fintech Innovation ETF (ARKF) for a total of $12.49 million. The sale reflects concerns amid growing competition in retail brokerage platforms.
The sale comes just before both companies are set to report their Q2 earnings. Coinbase is scheduled to release its results on July 31, with analysts expecting earnings of $1.33 per share on revenue of $1.60 billion. Meanwhile, Robinhood will report on July 30, and Wall Street expects earnings of $0.31 per share on revenue of $912.1 million.
Wall Street’s Take on COIN and Robinhood
Turning to Wall Street, Coinbase stock carries a Moderate Buy rating, with analysts’ average COIN stock price target of $344.33 implying a possible 9.27% decline. Meanwhile, Robinhood shares also have a Moderate Buy rating, with an average HOOD stock price target of $88.37, implying a possible 17.23% decline.
