ARK Cathie Wood buys Tesla shares

ARK Cathie Wood buys Tesla shares

Cathie Wood and Elon Musk

Cathie Wood’s ARK ETFs have made significant moves in the stock market on Thursday, March 28th, 2024, with Tesla Inc (NASDAQ:TSLA) and Coinbase Global Inc (NASDAQ:COIN) being the centerpieces of the day’s trading activity. ARK’s largest transaction involved purchasing a hefty 79,951 shares of electric vehicle giant Tesla, amounting to a staggering $14,377,588 in value. This move underscores ARK’s continued bullish stance on Tesla, which has been a recurring theme in the fund’s investment strategy.

On the flip side, ARK showed a bearish sentiment towards Coinbase, offloading a total of 15,693 shares across their ARKK and ARKW ETFs, totaling $4,028,393. This sale comes amidst a broader context where ARK has been adjusting its holdings in the cryptocurrency exchange company, as observed from previous trades.

Another notable buy for ARK was Twist Bioscience Corp (NASDAQ:TWST), with the acquisition of 113,673 shares valued at $3,919,444. This purchase aligns with ARK’s interest in genomics and biotechnology, sectors that have seen increased focus from the investment firm.

Kratos Defense & Security (NASDAQ:KTOS) also saw increased buying, with ARK purchasing 20,481 shares for $371,320, indicating a growing trend as ARK had bought shares of the same company in the days prior. This suggests a strategic accumulation of stocks in the defense contractor, which specializes in unmanned systems, satellite communications, and microwave electronics.

The fund also divested 25,353 shares of UiPath Inc (NYSE:NYSE:PATH) from its ARKQ ETF, amounting to $577,541, continuing a selling trend from the previous day. ARK’s trades reflect a dynamic approach to portfolio management, with adjustments that respond to market conditions and the fund’s forward-looking investment thesis.

In smaller transactions, ARK bought shares of Personalis Inc (NASDAQ:PSNL) and Roblox Corp (NYSE:RBLX), investing $16,585 and $179,551, respectively. These buys, although not as substantial as the ones mentioned earlier, are part of ARK’s diversified investment approach, targeting companies with innovative and disruptive potential.

Investors following Cathie Wood’s ARK ETFs can see a pattern of consistent interest in certain sectors and companies, with the latest trades providing insight into the fund’s strategic shifts and convictions. As always, market watchers will be keen to see how these moves play out in the ever-evolving investment landscape.

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