Cathie Wood's ARK ETFs have made significant moves in the stock market on Friday, March 22nd, 2024, with a series of buys and sells that reflect the investment firm's shifting strategies. The most noteworthy trade of the day was ARK's sale of Coinbase Global Inc (NASDAQ:COIN), with a total of 217,610 shares offloaded across three ETFs, amounting to a substantial $57,013,820 in value.
On the buying side, ARK showed a strong appetite for Tesla Inc (NASDAQ:TSLA), purchasing 116,408 shares valued at $20,117,631. This move underscores ARK's continued confidence in the electric vehicle giant, a stock that has been a long-standing component of Wood's innovation-driven portfolio.
Another significant trade was the acquisition of 305,269 shares of Roku Inc (NASDAQ:ROKU), which had a total dollar value of $19,485,320. This purchase indicates a bullish stance on the streaming device company, despite the competitive pressures it faces.
Meta Platforms Inc (NASDAQ:META) also caught ARK's attention, with the firm buying 24,917 shares across its ETFs, totaling $12,651,856 in value. This investment suggests that ARK sees potential in the social media conglomerate's ability to navigate the current tech landscape.
In terms of sales, ARK divested from DraftKings Inc (NASDAQ:DKNG), shedding 134,964 shares for a total of $6,471,523, and from Robinhood Markets Inc (NASDAQ:HOOD), selling 314,789 shares with a combined value of $6,009,322. These sales could signal ARK's assessment of the risks or headwinds facing these companies.
The daily trade report also highlighted ARK's purchase of shares in several biotech and genomics companies, including 264,967 shares of Cerus Corp (NASDAQ:CERS) and 98,834 shares of Intellia Therapeutics Inc (NASDAQ:NTLA), reflecting a continued focus on the healthcare sector.
ARK's trading pattern over the past week shows a consistent interest in certain stocks. For instance, the firm has been steadily increasing its stake in Cerus Corp, suggesting a strategic accumulation of shares in the biomedical products company.
Investors and market watchers alike pay close attention to the trades made by Cathie Wood's ARK ETFs, as they often indicate broader trends and insights into the future of technology and innovation in the stock market.
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