Cathie Wood's ARK ETF published their daily trades for Thursday, May 16th, 2024, revealing a series of strategic moves that underscore the fund's dynamic investment approach. Leading the day's activities, ARK made a substantial sale in Teladoc Health Inc (NYSE:TDOC), offloading a total of 352,239 shares across its ARKK and ARKG ETFs, resulting in a total dollar value of $4,512,181. This move represents the largest transaction of the day and follows a pattern of reducing exposure to the telehealth company, as seen in recent trades.
In contrast, ARK displayed a bullish stance on 10X Genomics Inc (NASDAQ:TXG), purchasing 149,492 shares split between ARKK and ARKG ETFs, with a total dollar value of $3,945,093. This acquisition indicates a growing confidence in the genomics sector and a continued investment in 10X Genomics, complementing previous buying trends.
Further highlighting ARK's interest in the biotech space, the fund increased its holdings in Intellia Therapeutics Inc (NASDAQ:NTLA) by buying a total of 78,691 shares across ARKK and ARKG ETFs, totaling $2,063,277. This follows a pattern of accumulating shares in Intellia, suggesting a strategic emphasis on the company's gene-editing technology.
ARK also expanded its position in Roblox Corp (NYSE:RBLX), acquiring a total of 57,271 shares through ARKK, ARKW, and ARKF ETFs, amounting to $1,890,515. This move aligns with ARK's recent buying trend in Roblox, signaling a sustained interest in the online gaming platform.
On the selling side, ARK reduced its stake in Exact Sciences Corp (NASDAQ:EXAS) by selling 10,157 shares through its ARKG ETF, with a total dollar value of $541,774. This sale is part of a broader pattern of divesting from the company, as evidenced by previous trades.
Additionally, ARK sold 18,698 shares of Verve Therapeutics Inc (NASDAQ:VERV) across ARKK and ARKG ETFs, totaling $116,488. This continues a sell-off trend in the gene-editing company, which has been a feature of ARK's recent trading activity.
Today's trades reflect ARK's ongoing strategy of actively managing its ETF portfolios, with a focus on innovative companies in the healthcare and technology sectors. Investors following Cathie Wood's ARK ETFs should note these shifts as part of the fund's broader investment narrative.
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