Cathie Wood's ARK ETF published their daily trades for Friday, 01 November 2024, revealing a series of strategic moves in the tech and biotech sectors. The largest transaction of the day involved the sale of 227,699 shares of Palantir Technologies Inc (NYSE:PLTR), with a total dollar value of $9,463,170. This follows a recent trend of ARK reducing its position in the data analytics firm, as evidenced by a series of sales over the past week.
Another significant trade was the sale of 30,597 shares of Tesla Inc (NASDAQ:TSLA), totaling $7,644,660 in value. This move comes amidst a flurry of trading activity around the electric vehicle manufacturer, with ARK also selling shares on the previous trading days.
On the buying side, ARK displayed a bullish stance on Tempus AI Inc (NASDAQ:TEM), acquiring 53,983 shares worth $2,408,721. This purchase adds to ARK's existing stake in the artificial intelligence company, following a pattern of consistent buying over the past week.
Twist Bioscience Corp (NASDAQ:TWST) also caught ARK's attention, with the purchase of 27,583 shares amounting to $1,113,249. This continues a trend of accumulation in the synthetic biology company, as ARK has been bolstering its position in recent days.
Among other trades, ARK bought shares of Beam Therapeutics Inc (NASDAQ:BEAM) and Recursion Pharmaceuticals Inc (NASDAQ:RXRX), while selling positions in Moderna Inc (NASDAQ:MRNA), Nurix Therapeutics Inc (NASDAQ:NRIX), Block Inc (NYSE:SQ), and Veeva Systems Inc (NYSE:NYSE:VEEV).
The divestment from Standard Biotools Inc (NASDAQ:LAB), Materialise NV (NASDAQ:MTLS), and Roblox Corp (NYSE:RBLX) also marked ARK's strategy to adjust its portfolio composition, possibly in response to changing market conditions or company-specific developments.
Investors and market watchers closely monitor ARK's daily trades for insights into Wood's investment strategy, known for her focus on disruptive innovation. The recent transactions suggest a continued interest in the biotech sector, alongside a recalibration of ARK's stakes in high-profile tech companies.
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