Investors following Cathie Wood's ARK ETFs witnessed a significant shift in the company's portfolio on Friday, July 12, 2024, with a major buy in 10X Genomics Inc (NASDAQ:TXG) and a substantial sell of Zoom Video Communications Inc (NASDAQ:ZM).
ARK's largest transaction for the day was the purchase of 440,689 shares of 10X Genomics, a life science technology company, valued at approximately $7,487,306. This move was spread across two of its funds, with 361,804 shares bought through ARKK and 78,885 shares through ARKG. The consistent buying pattern of 10X Genomics stock by ARK over the past week suggests a strong conviction in the company's long-term growth potential.
Conversely, ARK sold 195,490 shares of the popular video conferencing platform, Zoom Video Communications, for a total value of $11,064,733, all through its ARKK ETF. This sale marks a continuation of ARK's recent trend of reducing its position in Zoom, which has been observed in the previous trading days.
Another notable transaction was the sale of 21,517 shares of Incyte Corp (NASDAQ:INCY), a biopharmaceutical company, through its ARKG ETF, totaling $1,340,293. This follows a pattern of selling Incyte shares noted in the previous week's trades.
In addition, ARK divested 49,753 shares of Veracyte Inc (NASDAQ:VCYT), a genomic diagnostics company, for a value of $1,122,925 through its ARKW ETF. This sale comes after a purchase of Veracyte shares earlier in the week, indicating a possible rebalancing strategy.
Smaller trades included the sale of 2,046 shares of Coinbase Global Inc (NASDAQ:COIN) through ARKF for $439,132, and the sale of 2,188 shares of Verve Therapeutics Inc (NASDAQ:VERV) through ARKK for $13,937. Furthermore, ARK sold 16,353 shares of Velo3D Inc (NYSE:NYSE:VLD) for $50,367, distributed between ARKQ and ARKX ETFs.
Lastly, ARK reduced its holdings in Ginkgo Bioworks Holdings Inc (NYSE:NYSE:DNA) by 236 shares for a modest $75 through its ARKK ETF, indicating a minimal change in position for this stock.
Investors and analysts closely monitor ARK's daily trades to gain insights into Cathie Wood's investment strategy and to understand the broader trends that may be developing in the innovative sectors that ARK targets.
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