Cathie Wood's ARK ETF adjusts portfolio, adds Shopify, trims Block

Cathie Wood's ARK ETF adjusts portfolio, adds Shopify, trims Block

Cathie Wood's ARK ETF published their daily trades for Monday, May 13th, 2024, reflecting a series of strategic adjustments across its various funds. The most significant transaction was the purchase of 313,923 shares of Shopify Inc (NYSE: SHOP ) valued at approximately $18.5 million, spread across ARKK, ARKW, and ARKF ETFs. This move underscores ARK's continued confidence in the e-commerce platform, which has been a recurring theme in ARK's recent buying patterns.

In a notable divestment, ARK reduced its holdings in Block Inc (NYSE:SQ), selling 110,334 shares across three of its ETFs, with the transaction totaling nearly $7.9 million. This sell-off represents a shift in ARK's investment stance on the financial services and digital payments company.

Another significant trade involved the sale of 79,456 shares of Global-E Online Ltd (NASDAQ:GLBE) through its ARKF ETF, with a total dollar value of $2.3 million. This comes after a sale of 42,230 shares of the same company last Thursday, suggesting a bearish outlook on the cross-border e-commerce platform.

The fund also continued to build its position in Roblox Corp (NYSE:RBLX), buying a total of 80,102 shares valued at approximately $2.5 million across ARKK, ARKW, and ARKF ETFs. This follows a substantial purchase on the previous Thursday, indicating a strong bullish sentiment for the online gaming platform.

Other purchases included 13,161 shares of Iridium Communications Inc (NASDAQ: IRDM ) through ARKX ETF for about $392,000, and 14,060 shares of Recursion Pharmaceuticals Inc (NASDAQ:RXRX) spread across ARKK and ARKG ETFs, amounting to roughly $121,000.

Smaller-scale transactions saw the fund selling 3,763 shares of Kratos Defense (NASDAQ: KTOS ) and Security Solutions Inc (NASDAQ:KTOS) for nearly $75,000 and a minimal divestment of 290 shares of 2U Inc (NASDAQ: TWOU ) amounting to a mere $89.

ARK also continued its sell-off pattern for Verve Therapeutics Inc (NASDAQ:VERV) and Velo3D Inc (NYSE:NYSE: VLD ), with sales of 258,825 and 424,239 shares, respectively, valued at about $1.6 million for VERV and roughly $93,629 for VLD. These consistent sales suggest a strategic move away from these stocks.

Investors following ARK's trading activities will note the trends of increased stakes in companies like Shopify and Roblox, while reducing exposure to Block and Global-E Online, which may reflect ARK's evolving investment thesis in response to market conditions and company performance.

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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