In the latest trading activity, Cathie Wood's ARK ETFs have made significant moves in the stock market on Wednesday, October 30, 2024. The largest trade of the day involved Advanced Micro Devices Inc (NASDAQ:AMD), where ARK accumulated a total of 111,080 shares across its ARKK, ARKQ, ARKW, and ARKX ETFs, amounting to a substantial $18,467,050 investment. This purchase continues a recent trend of ARK bolstering its position in AMD, following a smaller acquisition earlier in the week.
Another notable buy was in Archer Aviation Inc (NYSE:NYSE:ACHR), with ARK's ARKK ETF purchasing 689,365 shares, valued at $2,316,266. This follows a consistent pattern of ARK increasing its stake in the urban air mobility company over the past few days.
On the sell side, ARK made a significant divestment from Tesla Inc (NASDAQ:TSLA), offloading 62,151 shares through its ARKK and ARKW ETFs, which totaled $16,129,426. This move is part of a larger pattern of ARK reducing its exposure to the electric vehicle giant, a trend that has been ongoing since the previous week.
Palantir Technologies Inc (NYSE:NYSE:PLTR) also saw a major sell-off, with ARK selling 372,730 shares through multiple ETFs, resulting in a cash-out of $16,746,759. This continues a sell trend from earlier in the week, indicating a strategic shift away from the data analytics firm.
Other key trades included buying 401,329 shares of Absci Corp (NASDAQ:ABSI) for $1,673,541, and purchasing 916,856 shares of Cerus Corp (NASDAQ:CERS) totaling $1,558,655. ARK also bought shares of Meta Platforms Inc (NASDAQ:META), Recursion Pharmaceuticals Inc (NASDAQ:RXRX), and Twist Bioscience Corp (NASDAQ:TWST), with respective total values of $2,032,577, $2,230,912, and $1,243,929.
Conversely, ARK reduced its positions in CareDx Inc (NASDAQ:CDNA), Moderna Inc (NASDAQ:MRNA), Materialise NV (NASDAQ:MTLS), and Nurix Therapeutics Inc (NASDAQ:NRIX), with sales valued at $739,991, $4,416,937, $32,084, and $100,144, respectively.
Investors following Cathie Wood's ARK ETFs will note these transactions reflect a strategic rebalancing, with a continued focus on innovative companies while adjusting holdings in response to market dynamics and ARK's investment thesis.
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