Cathie Wood’s ARK ETF adjusts holdings with GitLab and Amazon stock buys By Investing.com

Cathie Wood’s ARK ETFs have reported their daily trades for Tuesday, September 24th, 2024, revealing a series of strategic moves in the tech and biotech sectors. At the forefront of these trades was the purchase of 52,990 shares of GitLab Inc (NASDAQ:GTLB) through the ARKW ETF, amounting to a substantial investment of $2,818,008. This marks a continued interest in the DevOps platform provider, following a significant acquisition of GitLab shares the previous week.

Another notable buy was the addition of 1,996 shares of e-commerce giant Amazon.com Inc (NASDAQ:) through the ARKQ ETF, totaling $386,984. This decision aligns with ARK’s ongoing confidence in the online retail sector.

In biotech, ARK demonstrated a bullish stance on Pacific Biosciences (NASDAQ:) of California Inc (NASDAQ:PACB), buying a combined total of 1,213,599 shares across the ARKK and ARKG ETFs, with a dollar value of $2,111,662. This investment suggests a strong belief in the long-term potential of the genomic analysis company.

The firm also increased its position in Blade Air Mobility Inc (NASDAQ:) through the ARKX ETF by purchasing 47,541 shares, valued at $143,573, indicating a sustained interest in the urban air mobility service provider.

On the selling side, ARK offloaded a total of 7,848 shares of Butterfly Network Inc (NYSE:BFLY) through the ARKG ETF, with a relatively small dollar value of $13,577. This sale continues a pattern of reducing their stake in the medical imaging company, as seen in previous trading sessions.

Materialise NV (NASDAQ:) also saw a reduction in ARK’s holdings, with 34,802 shares sold through the ARKQ ETF, amounting to $174,706. This follows a similar sale last week, suggesting a strategic move away from the 3D printing company.

The ARK ETFs further divested from Roku Inc (NASDAQ:), selling 25,034 shares across the ARKK and ARKW ETFs, totaling $1,847,509. This sell-off is part of a trend, as ARK had reduced its Roku holdings significantly the previous day as well.

Additional sales included 33,466 shares of Veracyte Inc (NASDAQ:) through the ARKK ETF, valued at $1,146,545, and a minor sale of 6983 shares of Vuzix Corp (NASDAQ:) across the ARKQ and ARKW ETFs, with a dollar value of $6,501.

In summary, Cathie Wood’s ARK ETFs have made significant trades that reflect a strategic adjustment in their portfolio, with a focus on tech and biotech sectors. While the ETFs continue to shed positions in certain companies, their increased investments in others like GitLab and Pacific Biosciences highlight where they see growth potential. Investors will be watching closely to see how these moves play out in the long term.

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