Cathie Wood's ARK ETF published their daily trades for Tuesday, May 21st, 2024, revealing a series of strategic buy and sell moves in the biotech and tech sectors. At the forefront of these trades was a significant investment in CRISPR Therapeutics AG (NASDAQ:CRSP), with ARK purchasing 86,868 shares split between its ARKK and ARKG ETFs, totaling a substantial $4,818,568. This move underscores ARK's continued confidence in gene-editing technology, reflecting a broader trend of ARK's increasing stake in CRSP over recent trading sessions.
In contrast, ARK divested a large portion of its holdings in Teladoc Health Inc (NYSE:TDOC), selling 374,915 shares across ARKK and ARKG, amounting to $4,611,454. This sale represents the continuation of a shedding trend for TDOC, observed in ARK's activities over the past week.
Another notable trade included the purchase of 34,566 shares of e-commerce giant Shopify Inc (NYSE:NYSE:SHOP) through its ARKF ETF, injecting $2,036,283 into the online retail platform. This investment aligns with ARK's pattern of bolstering its position in SHOP, as seen in previous days' trades.
ARK also expanded its biotech portfolio by buying 109,691 shares of Adaptive Biotechnologies Corp (NASDAQ:ADPT) for $393,790 through ARKG, and 16,152 shares of Intellia Therapeutics Inc (NASDAQ:NTLA) for $418,175, split between ARKK and ARKG. Both actions reflect ARK's ongoing interest in the rapidly evolving biotech industry.
On the selling side, ARK reduced its exposure to Robinhood Markets Inc (NASDAQ:HOOD) by offloading 39,105 shares through ARKF, equating to $814,948. This follows a pattern of selling HOOD shares in the days prior, suggesting a strategic shift away from the brokerage platform.
Other sales included a minor reduction in the ARK 21Shares Active Bitcoin Futures Strategy ETF (BATS:ARKA), with 1,770 shares sold for a modest $4,160, and a slight trimming of Verve Therapeutics Inc (NASDAQ:VERV) holdings, selling 4,041 shares for $24,043 across ARKK and ARKG.
In summary, Cathie Wood's ARK ETFs have continued to adjust their holdings, with significant buys in CRISPR Therapeutics and Shopify, and notable sells in Teladoc Health and Robinhood Markets. These trades reflect ARK's strategic positioning within sectors it believes are poised for future growth, while also managing its exposure to assets it deems less favorable in the current market landscape.
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