Ark Invest’s Dynamic Moves: Trading Coinbase and Nvidia, Boosting Tesla, and Banking on Palantir’s Growth
Key Highlights:
Cathie Wood and Ark Invest made significant trades on 3/5/2024:
Bought 79,956 Tesla shares
Acquired 1,909,769 SoFI shares
Added 79,090 Palantir shares
Sold 110,896 Coinbase shares
Ark Invest, led by Cathie Wood, recently executed strategic trades that garnered attention. Notably, they made headlines by selling over $24 million worth of Coinbase shares as Bitcoin reached an all-time high of $69,170.63. This move involved selling 110,896 Coinbase shares through various Ark ETFs, signaling a tactical adjustment in response to the dynamic cryptocurrency market and challenges faced by Coinbase, including significant outages amid heightened traffic during Bitcoin’s surge.
In addition to the Coinbase trade, Ark Invest continued its selling spree of Nvidia shares, with a transaction worth $5.01 million. Despite selling Nvidia prematurely in January, Cathie Wood’s firm demonstrated confidence in Tesla by increasing their investment. The purchase of $14.45 million worth of Tesla shares reflects Wood’s optimistic view on the electric vehicle leader’s long-term growth potential, particularly in the realm of autonomous vehicles.
Noteworthy among Ark Invest’s recent activities is the significant purchase of Palantir shares, amounting to $1.9 million. This move highlights the firm’s strategic interest in capitalizing on Palantir’s expanding role in both the technology and defense sectors, anticipating substantial growth.
Beyond individual stock transactions, Ark Invest exhibited a broader strategic approach by increasing holdings in Z Holdings Corp, signaling a strategic interest in expanding its portfolio within the Asian tech market. Additionally, the firm invested in AvidXchange Holdings Inc, indicating confidence in the growth potential of the fintech sector. Furthermore, Ark Invest acquired shares in Sea Ltd, reflecting a bet on the company’s expansive e-commerce and digital finance services in Southeast Asia.
The trading activities on March 5th paint a nuanced picture of Ark Invest’s strategy – significant sales in Coinbase and Nvidia hint at a cautious stance towards certain tech and crypto assets, while the purchases in Tesla and Palantir underscore a bullish outlook on companies poised for growth in their respective industries. This adaptability to the evolving financial landscape characterizes Ark Invest’s approach under Cathie Wood’s leadership.
Today (14th March 2024), Ark Invest, led by Cathie Wood, has upped its Tesla stake despite the EV maker’s stock slump this year, buying over 216,682 shares worth $35 million split across three of Ark’s ETFs.
Update (01-04-2024)
Today, Cathie Wood and Ark Invest acquired an additional 84,164 shares of Tesla (TSLA).
Update: (03-04-2024)
Cathie Wood and Ark Invest on 2nd April, 2024, bought an extra 234,998 shares of Tesla when its stock dipped 5% following the release of Q1 delivery numbers, which fell short of street expectations.
Ark Invest on Thursday sold its Coinbase shares using two of its exchange-traded funds (ETFs), namely Ark Fintech Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). They sold 22,690 and 2,972 shares, respectively. At the latest closing price of $249.61, the total value of these transactions is approximately $6.4 million.
Although Ark Invest sold its Coinbase shares, it continued to be active in the market, conducting significant trades on the same day. For instance, it purchased shares of SoFi Technologies Inc (SOFI) and Roblox Corp (RBLX), while divesting shares of Twilio Inc (TWLO) and acquiring shares of 10x Genomics Inc (TXG) and Verve Therapeutics Inc (VERV). Furthermore, it invested in shares of Roku Inc (ROKU) and divested its holdings in Twilio.
Update
On April 5th, 2024, Cathie Wood and Ark Invest acquired an additional 133,975 shares of Tesla $TSLA.
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