On Wednesday, Cathie Wood-led Ark Invest continued its trend of offloading shares of Robinhood Markets Inc (NASDAQ:HOOD) and Palantir Technologies Inc (NYSE:PLTR), marking significant trades for the day.

The Robinhood Trade: Ark Invest’s Ark Fintech Innovation ETF (NYSE:ARKF) sold 24,796 shares of Robinhood. This decision aligns with Ark’s recent trading patterns, which have seen a steady decrease in Robinhood holdings.

The move comes in the wake of Robinhood’s $3.9 million settlement with California’s Department of Justice over its previous ban on Bitcoin (CRYPTO: BTC) withdrawals. Despite this setback, Robinhood has been evolving from a meme stock trading platform to a serious contender against traditional brokerages. The value of the trade, based on Robinhood’s closing price of $22.95 on the same day, is approximately $569,368.

Notably, Robinhood shares rose after the Federal Reserve cut interest rates by 50 basis points, benefiting from increased user engagement, margin trading, and favorable growth stock valuations in a low-rate environment. The shares appreciated 1.4% in the regular session and gained 0.9% in the after-hours trading.

The Palantir Trade: Ark Invest’s ARK Innovation ETF (NYSE:ARKK) fund sold 32,772 shares of Palantir. This move followed the company’s 5th AIPCon, where CEO Alex Karp expressed optimism about Palantir’s inclusion in the S&P 500 Index and the company’s potential for growth. Based on Palantir’s closing price of $36.38 on the same day, the value of the trade is approximately $1.2 million.

See Also: Expert Says Warren Buffett’s Top Executive Ajit Jain Sold Berkshire Hathaway Stake Because ‘The Stock Was Fully Pricing The Business’

Other Key Trades:

Ark Invest sold shares of Veeva Systems Inc (NYSE:VEEV). The firm also offloaded shares of Butterfly Network Inc. (NYSE:BFLY)
Ark Invest bought shares of Tempus AI Inc (NASDAQ:TEM) and sold shares of Roblox Corp (NYSE:RBLX).
Ark Invest fund sold shares of Intuitive Surgical Inc (NASDAQ:ISRG) and bought shares of 3D Systems Corp (NYSE:DDD).
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