Source: Investing Published 12/25/2024, 04:04
Cathie Wood’s Ark Exchange Traded Fund (ETF) posted its daily trades for Tuesday, December 24, 2024, with a heavy focus on the technology and biotech sectors. The largest trade of the day involved the purchase of 269,976 shares of GitLab Inc (NASDAQ:GTLB) through Ark’s flagship ARKK fund, worth a whopping $16,201,259. This trade continues a recent trend for Ark, where they have been accumulating GitLab shares since last week, indicating strong confidence in the company’s growth potential.
Another notable purchase for Arch was in CRISPR Therapeutics AG (NASDAQ:CRSP), where they acquired a total of 35,598 shares across two exchange-traded funds, ARKK and ARKG, for a total value of $1,441,007. The move adds to Arch’s position in the gene-editing company, reflecting an ongoing interest in the genomics space. On the sell side, Arch liquidated a significant portion of its stake in Tesla (NASDAQ:TSLA)
selling 18,847 shares through the ARKK exchange-traded fund for a total of $8,115,518. This follows a pattern of selling Tesla shares over the past week, indicating a strategic reduction in Arch’s exposure to the electric vehicle giant. Palantir Technologies Inc (NYSE:PLTR) and Block Inc (NYSE:SQ) also saw sales, with Ark selling 42,293 and 23,962 shares, respectively, for a total of $3,412,622 and $2,139,567. These sales continue Ark’s trend of disposing of shares in these companies, indicating a potential shift in their investment strategy.
In addition, Ark sold 50,163 shares of Adaptive Biotechnologies Corp (NASDAQ:ADPT) from the ARKG exchange-traded fund, worth $317,030, and 4,600 shares of Veracyte Inc (NASDAQ:VCYT) from the same fund, for a total of $188,554. ARK’s investment moves concluded with the purchase of 53,371 shares of 10X Genomics Inc (NASDAQ:TXG) across its ARKK and ARKG ETFs, valued at $786,154. This adds to their purchases of 10X Genomics shares from the previous week, indicating that ARK is bullish on the company’s long-term prospects.
Investors following Cathy Wood’s ARK ETFs should note these transactions as part of the fund’s dynamic investment approach, which often involves high-conviction moves in innovative companies. As always, these trades provide insights into ARK’s outlook on the market and the sectors it believes are poised for future growth.
