Benzinga - Ark Invest’s Cathie Wood on Friday picked up a chunk of shares in legacy automaker General Motors (NYSE:GM) Corp. (NYSE: GM).
What Happened: Ark Invest, through its Ark Autonomous Technology & Robotics ETF (BATS: ARKQ), bought 70,226 shares of GM, valued at about $2.89 million at Friday’s closing price of $41.12.
After being a skeptic of legacy automakers, Wood initiated a position in GM in May by buying 158,187 shares, valued at $6.05 million at that time. As recently as Sept. 20, her firm bought 120,004 GM shares.
With this buy, ARKQ now holds about 252,342 GM shares, valued at $10.03 million. The shares make up 1.09% of the ETF’s portfolio. Tesla Inc (NASDAQ: NASDAQ:TSLA) is the top holding of the ETF, with nearly a 9% weighting.
Earlier this week, Ark Invest, through its multiple ETFs, bought 39,000 Tesla shares, valued at over $7 million, taking advantage of the steep drop in the shares of the electric vehicle giant.
See also: Cathie Wood's ARK Innovation ETF Marks Record Surge On Thursday: Here's What She Offloaded Amid Market Rally
Other Transactions: Friday, Ark Invest divested about one million shares of autonomous trucking company TuSimple Holdings, Inc. (NASDAQ: TSP), valued at about $2.8 million.
It also sold 370,568 shares of Materialise NV (NASDAQ: MTLS), a provider of additive manufacturing and medical software, and 3D printing services.
Incidentally, the stock market has been on a two-session rebound since Thursday following the release of tamer-than-expected inflation data, which gave investors hope of an inflection higher.
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Latest Ratings for GM
| Mar 2022 | Benchmark | Maintains | Buy | |
| Feb 2022 | Nomura Instinet | Downgrades | Buy | Neutral |
| Feb 2022 | Morgan Stanley (NYSE:MS) | Downgrades | Overweight | Equal-Weight |
View the Latest Analyst Ratings
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