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Cathie Wood's ARK ETF made big moves in the stock market on Friday, March 22, 2024, with a series of buys and sells reflecting a change in the investment company's strategy. The most notable transaction of the day was the sale of ARK. coinbase global Inc (NASDAQ:) offloaded a total of 217,610 shares to 3 ETFs, valued at $57,013,820.
On the buying side, ARK showed strong interest in Tesla Inc. (NASDAQ:), purchasing 116,408 shares worth $20,117,631. The move confirms Ark's continued confidence in the electric vehicle giant, a stock that has long been a component of Wood's innovation-driven portfolio.
Another significant transaction was the acquisition of 305,269 shares. Roku Inc (NASDAQ:) had a total value of $19,485,320. The acquisition signals a bullish stance on the streaming device company despite the competitive pressures it faces.
Meta Platforms Inc (NASDAQ:) also attracted the attention of ARK, with the company purchasing 24,917 shares across the ETF for a total value of $12,651,856. The investment signals that ARK sees potential in the social media conglomerate's ability to navigate the current technology landscape.
In terms of sales, ARK sold 134,964 shares from DraftKings Inc (NASDAQ:) for a total sale of $6,471,523. robinhood market Inc (NASDAQ:) sold 314,789 shares totaling $6,009,322. These sales could indicate that ARK is assessing the risks or headwinds facing these companies.
The daily trading report also highlighted that ARK has purchased stakes in several biotechnology and genomics companies. Ceras Inc. (NASDAQ:) and 98,834 shares Intellia Therapeutics Inc. (NASDAQ:), reflecting its continued focus on the healthcare sector.
ARK's trading pattern over the past week shows consistent interest in certain stocks. For example, the company has been steadily increasing its stake in Cerus Corp, suggesting it is strategically accumulating stake in the biomedical products company.
Investors and market watchers alike are paying close attention to the trades made by Cathie Wood's ARK ETF, as they often indicate broader trends and insights about the future of technology and innovation in the stock market. It's for a reason.
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