Cathie Wood's ARK ETF published their daily trades for Tuesday, May 14th, 2024, revealing a series of significant transactions across various sectors. In a notable move, ARK Invest's exchange-traded funds (ETFs) executed their largest dollar-value trade by selling shares of Block Inc (NYSE:SQ), a financial services and digital payments company, amounting to a hefty $14,686,615. This sale is part of a recent trend, as ARK has been reducing its position in Block over the past few days.
ARK's buying activity was led by a substantial investment in Shopify Inc (NYSE:SHOP), the e-commerce giant, with a purchase totaling $6,173,898 across three of its funds—ARKK, ARKW, and ARKF. This acquisition continues a pattern of accumulation, indicating ARK's growing bullish stance on Shopify's stock.
Another significant buy was Roblox Corp (NYSE:RBLX), a platform for user-generated gaming content, with ARK adding 55,710 shares worth $1,724,781 to its various ETFs. This follows a consistent interest in Roblox, as evidenced by ARK's purchases over the previous week.
In the biotech space, ARK showed confidence in Intellia Therapeutics Inc (NASDAQ:NTLA), a genome editing company, buying shares totaling $898,037. This move aligns with ARK's known focus on innovative and disruptive healthcare technologies.
The ARKX ETF, dedicated to space exploration and innovation, increased its stake in Iridium Communications Inc (NASDAQ:IRDM), a satellite communications firm, by purchasing 24,234 shares valued at $734,047.
On the sell side, besides the large divestiture from Block, ARK sold shares of Global-E Online Ltd (NASDAQ:GLBE), Kratos Defense (NASDAQ:KTOS) and Security Solutions Inc (NASDAQ:KTOS), Verve Therapeutics Inc (NASDAQ:VERV), and Velo3D Inc (NYSE:NYSE:VLD), with the latter's sale amounting to a relatively minor $56,528.
Investors following ARK's trading activity will note the trend of shedding defense-related stocks and a continued interest in e-commerce, technology, and biotech sectors. These trades reflect ARK's strategy of investing in what it believes to be the next generation of market leaders while adjusting its holdings to optimize the performance of its ETF portfolios.
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