Cathie Wood's ARK ETFs have been active in the market on Thursday, November 7, 2024, with significant trades across a range of companies, indicating strategic shifts in their investment approach.
Leading the day's transactions, ARK Innovation ETF (NYSE:ARKK) purchased 150,675 shares of Amazon.com Inc (NASDAQ:AMZN), amounting to an impressive $31,203,285. This move underscores the fund's confidence in the e-commerce giant's long-term growth prospects. Additionally, ARK made a substantial investment in Mercadolibre Inc (NASDAQ:MELI), acquiring a total of 7,041 shares through its ARK Web x.0 ETF (ARKW) and ARK Fintech Innovation ETF (NYSE:ARKF), totaling $14,907,909.
On the selling side, ARK's most notable divestiture was in Tesla Inc (NASDAQ:TSLA), where it offloaded 85,019 shares from its ARKK ETF, signaling a reduction in its position worth $24,530,531. Another significant sale was of Palantir Technologies Inc (NYSE:NYSE:PLTR), with a combined sale of 264,513 shares from ARKK and ARKF, amounting to $14,688,406.
In the biotechnology sector, ARK continued to build its position in CRISPR Therapeutics AG (NASDAQ:CRSP) by purchasing 89,779 shares, split between ARKK and ARKG ETFs, for a total value of $4,553,590. This follows a trend from previous days, suggesting a bullish stance on the gene-editing company.
Other purchases included 111,141 shares of Guardant Health Inc (NASDAQ:GH) and 80,095 shares of Illumina Inc (NASDAQ:ILMN), distributed across ARKK and ARKG ETFs. These investments indicate ARK's continued focus on the genomic revolution.
On the sell side, ARK reduced its holdings in Moderna Inc (NASDAQ:BMV:MRNA) by 86,673 shares through its ARKG ETF, valued at $4,490,528. This trade follows a pattern of ARK trimming its Moderna (NASDAQ:MRNA) stake over the past week.
Additional sales included smaller positions in Materialise NV (NASDAQ:MTLS), Reddit Inc (NASDAQ:NYSE:RDDT), Repare Therapeutics Inc (NASDAQ:RPTX), and SoFi Technologies Inc (NASDAQ:SOFI), among others.
Investors following ARK's movements should note the ongoing adjustments to the ETFs' portfolios, as these trades may reflect broader market strategies and insights from Cathie Wood and her team.
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