Cathie Wood's ARK Invest ETFs have published their daily trades for Friday, May 24th, 2024, revealing a mix of significant buys and sells that may indicate strategic shifts in their portfolio. Continuing a recent trend, ARK has increased its stake in PayPal Holdings Inc (NASDAQ:PYPL), purchasing 54,210 shares, making it the largest dollar-value trade of the day at $3,338,251. This move comes after a similar acquisition on Thursday, signaling a growing confidence in the digital payments company.
Conversely, ARK made a substantial sell-off of Teladoc Health Inc (NYSE:NYSE:TDOC) stock, parting with 399,982 shares valued at $4,579,793. This trade follows a pattern of reducing exposure to Teladoc, as ARK has consistently sold shares of the telemedicine company over the past week.
Another notable trade was the purchase of 44,730 shares of Adaptive Biotechnologies Corp (NASDAQ:ADPT) through the ARKG ETF, amounting to $154,318. This trade adds to the consecutive buys from the previous days, suggesting ARK's growing interest in the biotech firm.
In a minor adjustment, ARK also sold a small position of 98 shares in ARK 21Shares Active Bitcoin Futures Strategy ETF (BATS:ARKA) through its ARKW ETF, valued at $225. While the dollar value is modest, it's part of ARK's ongoing rebalancing in the cryptocurrency space.
Overall, today's trades underscore ARK's active management style, with significant moves in the healthcare and technology sectors. Investors following ARK's ETFs will be watching closely to see how these trades align with the funds' long-term strategies and what they might suggest about Wood's outlook on the current market conditions.
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