Cathie Wood's ARK ETF published their daily trades for Thursday, August 29th, 2024, revealing a mix of strategic buys and sells across various sectors. Notably, the investment management firm made a significant move by selling shares of Trade Desk Inc (NASDAQ:TTD) and Unity Software Inc (NYSE:U), indicating a shift in their investment strategy.
The largest transaction of the day involved the sale of 48,179 shares of Trade Desk Inc, valued at approximately $4,922,930. This was closely followed by the sale of 40,147 shares of Unity Software Inc, which brought in around $660,819. These substantial sales suggest that ARK may be realigning its portfolio in response to changing market conditions or company performance.
On the buying side, ARK made a notable investment in Tempus AI Inc (NYSE:TEM), purchasing 208,488 shares across its ARKK and ARKG ETFs, with a total dollar value of $12,348,744. This purchase indicates a strong conviction in the future of Tempus AI, a company that leverages artificial intelligence in healthcare.
Additionally, ARK continued to build its position in Absci Corp (NASDAQ:ABSI) by buying 19,191 shares through its ARKG ETF, totaling $84,248. This follows a trend from previous days, where ARK has been accumulating shares of the biotech company.
Other trades included smaller buys of Blade Air Mobility Inc (NASDAQ:BLDE) and sales of various stocks such as 908 Devices Inc. (NASDAQ:MASS), Materialise NV (NASDAQ:MTLS), Mynaric AG (NASDAQ:MYNA), Veracyte Inc (NASDAQ:VCYT), Verve Therapeutics Inc (NASDAQ:VERV), and Vuzix Corp (NASDAQ:VUZI).
Investors following ARK's daily trades may observe these patterns as part of Cathie Wood's broader investment strategy, which often focuses on disruptive innovation and next-generation technologies. As always, these trades provide a snapshot of ARK's market movements and are not necessarily indicative of long-term trends. However, the consistent buying or selling of certain stocks could signal ARK's conviction in their future performance.
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