Benzinga - Cathie Wood-owned ARK Investment Management’s flagship fund, the ARK Innovation ETF (NYSE: ARKK) closed 14.52% higher on Thursday. The session marks the fund’s biggest single day rally on record since it commenced in 2014, according to a CNBC report.
Some of the ETF’s top holdings advanced significantly after a softer inflation data pushed Wall Street higher. Wood had told investors during a webinar on Tuesday that inflation will be influenced by companies cutting prices due to inventory excess heading into the holiday season, the report pointed out.
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The ETF's top holding Zoom Video Communications Inc (NASDAQ: ZM) closed Thursday’s session over 14% higher while Tesla Inc (NASDAQ: NASDAQ:TSLA) gained over 7%. Other top holdings including Exact Sciences Corp (NASDAQ: EXAS) and Roku Inc (NASDAQ: ROKU) closed over 9% and 15% higher on Thursday.
Interestingly, just a day earlier, Wood had loaded up on Tesla shares at an estimated valuation of $7 million. ARK also bought shares of Zoom Video Communications, Roblox Corp (NYSE: RBLX) and Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) at an estimated valuation of over $10 million each while offloading NVIDIA Corporation (NASDAQ: NASDAQ:NVDA) stock at an estimated valuation of over $44 million.
On a year-to-date basis, however, the ETF is still down over 61%.
Major Sale: Wood seems to have used Thursday’s rally to offload some of her funds’ stake in Tusimple Holdings Inc (NASDAQ: TSP) and Materialise NV (NASDAQ: MTLS), having sold shares worth over $2 million and $3 million, respectively, based on the session’s closing price.
On Thursday, Tusimple announced that Cheng Lu is returning to the company as Chief Executive Officer and President of the firm. Lu was also appointed as a new member of the Board. “The Board has plans to make subsequent appointments of new independent board members as soon as possible,” the company announced.
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Photo courtesy: ARK Invest
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