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Cathie Wood's ARK sells Robinhood, buys UiPath and Amgen stock

EditorFrank DeMatteo
Published 31/05/2024, 02:12

Cathie Wood's ARK ETFs have reported their daily trades for Thursday, May 30th, 2024, with significant activity across various sectors. The largest dollar-value trade was the sale of shares in Robinhood Markets Inc (NASDAQ:HOOD), with ARK divesting a total of 1,178,054 shares through its ARKK, ARKW, and ARKF ETFs, amounting to approximately $24,839,267. This move follows a pattern from the previous day, indicating a continued reduction in ARK's position in the company.

On the buying side, ARK's most substantial investment was in UiPath Inc (NYSE:NYSE:PATH), purchasing a total of 1,513,148 shares across its ETFs, valued at $27,690,607. This trade suggests a growing confidence in the automation software company, as ARK had also increased its stake in UiPath on Tuesday.

Another notable buy was in biopharmaceutical giant Amgen Inc (NASDAQ:AMGN), with ARK's ARKG ETF acquiring 13,622 shares, totaling $4,037,152. This move could signal ARK's positive outlook on the healthcare sector and Amgen's growth prospects.

ARK also showed continued interest in Intellia Therapeutics Inc (NASDAQ:NTLA) and Natera Inc (NASDAQ:NTRA), with purchases worth $3,198,101 and $2,345,425 respectively. These additions build on ARK's positions from previous trading days, highlighting a trend of accumulating shares in these biotech firms.

Conversely, ARK sold shares in several companies, including Exact Sciences Corp (NASDAQ:EXAS), Garmin Ltd (NASDAQ:NYSE:GRMN), and Veeva Systems Inc (NYSE:NYSE:VEEV), with the sales generating $1,897,992, $396,875, and $2,813,215 respectively. These disposals could reflect ARK's strategic adjustments or a response to market dynamics.

Other notable trades included the purchase of shares in companies such as Beam Therapeutics Inc (NASDAQ:BEAM), CRISPR Therapeutics AG (NASDAQ:CRSP), and Guardant Health Inc (NASDAQ:GH), as well as sales in Aerovironment Inc (NASDAQ:AVAV), Kratos Defense (NASDAQ:KTOS) and Security Solutions Inc (NASDAQ:KTOS), and Nurix Therapeutics Inc (NASDAQ:NRIX).

Investors following ARK's trades can observe a pattern of interest in the biotech and healthcare sectors, with selective investments in technology and defense companies. As always, ARK's trading activity provides insights into the evolving strategy of one of the market's most closely watched fund managers.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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