Cathie Wood's ARK ETFs published their daily trades for Wednesday, May 29th, 2024, revealing a mix of strategic buys and sells across various sectors. The most significant move of the day was the sale of 593,734 shares of Robinhood Markets Inc (NASDAQ:HOOD), spread across three of ARK's funds—ARKK, ARKW, and ARKF—with a total dollar value of $12,153,734. This move comes after a smaller sale of Robinhood shares last Tuesday, indicating a scaling back of ARK's position in the online brokerage firm.
On the purchasing side, ARK's largest buy was in the biotech space, with a total of 375,779 shares of Absci Corp (NASDAQ:ABSI) acquired through the ARKG ETF, amounting to $1,604,576. This follows a previous buy of Absci shares on Tuesday, suggesting increasing confidence in the company's prospects.
Another notable investment was the addition of 9,725 shares of Advanced Micro Devices Inc (NASDAQ:AMD) through the ARKW ETF, valued at $1,668,907. This continues a trend from the previous day when ARK also increased its stake in AMD.
ARK also showed a growing interest in Guardant Health Inc (NASDAQ:GH), buying 38,501 shares through ARKG with a total dollar value of $1,007,186. This buy adds to the previous day's acquisition of Guardant Health shares, highlighting a pattern of consistent investment in the company.
Other significant trades included the purchase of 155,883 shares of 3D Systems Corp (NYSE:NYSE:DDD) across ARKQ and ARKX ETFs, totaling $573,649 in value, and a buy of 23,324 shares of Natera Inc (NASDAQ:NTRA) across ARKK and ARKG ETFs, with a combined value of $2,555,610.
Smaller transactions included the purchase of shares in companies like Adaptive Biotechnologies Corp (NASDAQ:ADPT), Advanced Micro Devices Inc (NASDAQ:AMD), and Palantir Technologies Inc (NYSE:NYSE:PLTR), as well as sales in Aerovironment Inc (NASDAQ:AVAV), Exact Sciences Corp (NASDAQ:EXAS), Kratos Defense (NASDAQ:KTOS) and Security Solutions Inc (NASDAQ:KTOS), Moderna Inc (NASDAQ:MRNA), and Velo3D Inc (NYSE:NYSE:VLD).
In summary, ARK's trading activity for the day demonstrated a continued focus on the biotech sector, with consistent investments in companies like Absci Corp and Guardant Health. Meanwhile, the divestment from Robinhood Markets suggests a strategic shift away from the fintech company. Investors and market watchers will likely keep an eye on these trends as they develop further.
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