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Cathie Wood's ARK makes major moves in Tesla stock, sells Robinhood

EditorFrank DeMatteo
Published 04/01/2024, 08:46 PM
© Reuters

In the dynamic world of exchange-traded funds (ETFs), Cathie Wood's ARK Investment Management continues to make headlines with its daily trades. For Monday, April 1st, 2024, ARK's activity was led by a substantial purchase of Tesla (NASDAQ:TSLA) Inc. shares, amounting to a total dollar value of $14,795,188. This move further cements ARK's bullish stance on the electric vehicle giant, as the firm has consistently increased its position in Tesla over recent trading sessions.

On the sell side, ARK offloaded a significant number of shares in Twilio (NYSE:TWLO) Inc, totaling a dollar value of $18,935,403. This divestment is the largest for the day and indicates a strategic shift away from the cloud communications platform.

Another notable sale involved Robinhood Markets Inc (NASDAQ:HOOD)., with ARK reducing its stake by 663,796 shares across three of its ETFs, for a total value of $13,362,212. This continues a trend from last week, where ARK also reduced its holdings in the company.

ARK's buying spree extended beyond Tesla, with the firm acquiring shares in several other companies. One of the more significant purchases was Datadog (NASDAQ:DDOG) Inc, with ARK's ARKW ETF buying 48,159 shares valued at $5,952,452. This purchase aligns with ARK's focus on innovative tech companies poised for growth.

In the defense sector, ARK showed interest in Kratos Defense (NASDAQ:KTOS) & Security, buying 89,260 shares through its ARKQ and ARKX ETFs, amounting to $1,640,598. This follows a series of buys in the company over the past week, suggesting a bullish outlook on the defense and security technology provider.

Biotech also featured prominently in ARK's trades, with the firm purchasing 273,065 shares of Pacific Biosciences (NASDAQ:PACB) of California for $1,023,993, and 95,801 shares of NASDAQ:PSNL (Personalis (NASDAQ:PSNL) Inc) for $142,743, among other biotech investments.

Additionally, ARK increased its holdings in Pinterest (NYSE:PINS) Inc., Roblox Corp, Roku (NASDAQ:ROKU) Inc, and Recursion Pharmaceuticals, with each purchase reflecting ARK's confidence in these companies' growth potential.

Investors and market watchers alike will be keen to follow ARK's trading patterns, as Cathie Wood's bets on innovation continue to influence market movements and investor sentiment.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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