Cathie Wood's ARK ETFs have made significant moves in the stock market on Tuesday, July 2, 2024, with Tesla Inc (NASDAQ:TSLA) and Intellia Therapeutics Inc (NASDAQ:NTLA) headlining the day's trades. The investment firm, known for its focus on disruptive innovation, has once again adjusted its portfolio, engaging in both buying and selling across various sectors.
The most notable transaction of the day involved Tesla Inc, where ARK sold a staggering 62,867 shares, resulting in a hefty $13,193,268 reduction in its holdings. This sale is part of a trend, as ARK has been trimming its position in the electric vehicle giant over the past weeks.
On the buying side, ARK showed a strong conviction in Intellia Therapeutics Inc, purchasing a combined 161,710 shares across its ARKK and ARKG ETFs, amounting to a total investment of $3,633,623. This move underscores ARK's continued belief in the potential of gene editing as a transformative technology in healthcare.
Another significant investment was made in Archer Aviation Inc (NYSE:NYSE:ACHR), with ARK acquiring 406,912 shares through its ARKK ETF, totaling $1,391,639. This follows a pattern of increasing stakes in the urban air mobility company, suggesting a bullish outlook on the future of transport.
Recurion Pharmaceuticals Inc (NASDAQ:RXRX) also saw a substantial buy, with 504,988 shares added to ARK's portfolio for a value of $3,767,210. This purchase aligns with the fund's strategy of investing in innovative biotech companies.
In smaller but still notable transactions, ARK bought shares in companies such as Absci Corp (NASDAQ:ABSI), Blade Air Mobility Inc (NASDAQ:BLDE), and Pacific Biosciences (NASDAQ:PACB) of California Inc (NASDAQ:PACB), while selling shares of Kratos Defense (NASDAQ:KTOS) and Security Solutions Inc (NASDAQ:KTOS), Ginkgo Bioworks Holdings Inc (NYSE:NYSE:DNA), and AeroVironment Inc (NASDAQ:AVAV).
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