Cathie Wood's ARK ETF published their daily trades for Tuesday, October 8th, 2024, revealing a mix of significant buy and sell actions across various sectors. The most substantial move of the day was the sale of Robinhood Markets Inc (NASDAQ:HOOD) shares, with a total of 1,421,431 shares offloaded across three ARK funds, amounting to a considerable $33,147,770. This move marks a notable reduction in ARK's position in the fintech company, with the ARKK ETF leading the sell-off.
On the acquisition front, ARK displayed continued confidence in the tech sector, purchasing 76,505 shares of Amazon.com Inc (NASDAQ:AMZN) for $13,832,104 through its ARKK ETF. This buy aligns with a recent trend as ARK has steadily increased its stake in the e-commerce giant.
Another significant investment included Coinbase Global Inc (NASDAQ:COIN), with ARK adding 12,994 shares through its ARKF ETF, totaling $2,194,946. This purchase suggests a bolstering of ARK's position in the cryptocurrency exchange, hinting at a long-term bullish outlook for the sector.
In the realm of biotechnology, ARK bought 39,224 shares of CRISPR Therapeutics AG (NASDAQ:CRSP) for $1,784,299, and 90,883 shares of Intellia Therapeutics Inc (NASDAQ:NTLA) for $1,621,352, both through the ARKK ETF. These investments underscore ARK's ongoing interest in cutting-edge gene-editing companies.
The fund also increased its holdings in Blade Air Mobility Inc (NASDAQ:BLDE), purchasing a total of 203,414 shares across the ARKQ and ARKX ETFs, valued at $701,778. This follows a pattern of consistent buying in the urban air mobility service provider over the past week.
Further diversifying its portfolio, ARK invested in 3D printing by buying 47,530 shares of 3D Systems Corp (NYSE:NYSE:DDD) for $145,441 through its ARKQ ETF, continuing a series of investments in the company.
Other notable buys included GitLab Inc (NASDAQ:GTLB) with 28,048 shares for $1,387,534, Meta Platforms Inc (NASDAQ:META) adding 2,365 shares for $1,383,004, and Recursion Pharmaceuticals Inc (NASDAQ:RXRX) with a combined purchase of 124,111 shares for $767,005 across the ARKK and ARKG ETFs.
On the sell side, ARK continued to divest from Markforged Holding Corp (NYSE:MKFG), shedding a total of 197,326 shares for $915,592. This move is part of a broader trend of selling the 3D printing company's stock in recent days. Additionally, smaller sales included Materialise NV (NASDAQ:MTLS), Rocket Lab USA Inc (NASDAQ:RKLB), Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), Veeva Systems Inc (NYSE:NYSE:VEEV), Vertex Pharmaceuticals Inc (NASDAQ:VRTX), and a minor sale of Vuzix Corp (NASDAQ:VUZI) shares.
Investors following ARK's trades may interpret these actions as a strategic rebalancing of the fund's portfolio, with a continued focus on innovation and disruptive technologies. The ongoing adjustments reflect ARK's active management approach, as they navigate market conditions and position for future growth opportunities.
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