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Cathie Wood’s ARK divests Robinhood stock, adds to AMD and Guardant Health By

By Vaseline May30,2024

Cathie Wood’s ARK ETFs posted their daily trades for Wednesday, May 29, 2024, revealing a mix of strategic buying and selling across sectors. The most important move of the day was the sale of 593,734 shares of Robinhood Markets Inc (NASDAQ:), across three ARK funds – ARKK, ARKW and ARKF – with a total dollar value of $12,153,734. The move comes after a smaller selloff of Robinhood shares last Tuesday, signaling a reduction in ARK’s position in the online brokerage firm.

On the buying side, ARK’s largest purchase was in the biotech sector, with a total of 375,779 shares of Absci Corp (NASDAQ:ABSI) acquired through the ARKG ETF, for a total of $1,604,576. This follows an earlier purchase of Absci shares on Tuesday, indicating increasing confidence in the company’s prospects.

Another notable investment was the addition of 9,725 shares of Advanced Micro Devices Inc (NASDAQ:) through the ARKW ETF, worth $1,668,907. This continues a trend from the day before, when ARK also increased its stake in AMD.

ARK also showed a growing interest in it Health Guardian Inc (NASDAQ:), is purchasing 38,501 shares through ARKG with a total dollar value of $1,007,186. This purchase is in addition to the previous day’s purchase of Guardant Health shares, highlighting a pattern of consistent investment in the company.

Other significant transactions include the purchase of 155,883 shares of 3D Systems Corp (NYSE:NYSE:) through ARKQ and ARKX ETFs, for a total value of $573,649, and a purchase of 23,324 shares of Natera Inc (NASDAQ:) over ARKK and ARKG ETFs, with a combined value of $2,555,610.

Smaller transactions include the purchase of shares in companies such as Adaptive Biotechnology Corp (NASDAQ:), Advanced Micro Devices Inc (NASDAQ:AMD), and Palantir Technologies Inc (NYSE:NYSE:), as well as sales in Aerovironment Inc (NASDAQ:AVAV), Exact Sciences Corp (NASDAQ:), Kratos Defense (NASDAQ:) and Security Solutions Inc (NASDAQ:KTOS), Modern Inc (NASDAQ:) and Velo3D Inc (NYSE:NYSE:).

In summary, ARK’s trading activity throughout the day showed a continued focus on the biotech sector, with consistent investments in companies such as Absci Corp and Guardant Health. Meanwhile, Robinhood Markets’ divestiture suggests a strategic shift away from the fintech company. Investors and market observers will likely keep an eye on these trends as they develop.

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