Cathie Wood’s ARK ETF adjusts portfolio, sells Tesla stock, buys GitLab By Investing.com

Cathie Wood’s ARK ETF published their daily trades for Thursday, 18 July 2024, revealing a mix of strategic buys and sells across the technology and healthcare sectors. Leading the day’s activity was a substantial sale of Tesla Inc (NASDAQ:) shares, amounting to a total dollar value of $8,001,451. This move came as a notable adjustment by ARK, considering Tesla’s usual status as a staple in the fund’s holdings.

Conversely, ARK showed a bullish stance on GitLab Inc (NASDAQ:GTLB), with a purchase of 99,541 shares valued at $5,513,575. This acquisition represents the largest dollar-value buy for the day and signals a strong conviction in the company’s growth potential.

In the healthcare space, ARK continued to increase its investment in Beam Therapeutics Inc (NASDAQ:BEAM), buying a total of 60,449 shares across its ARKK and ARKG ETFs, with a combined dollar value of $1,627,891. This follows a pattern of consistent accumulation over the past week, suggesting ARK’s sustained confidence in the company’s gene-editing technology.

Guardant Health Inc (NASDAQ:) also saw a boost from ARK, with 39,977 shares added to the ARKG ETF, totaling $1,301,251. This purchase aligns with ARK’s focus on innovative companies in the genomic health sector.

Additionally, ARK invested in 10X Genomics Inc (NASDAQ:TXG), acquiring 32,792 shares for the ARKG ETF, amounting to $650,593. This move complements the significant buy from the previous Friday, where ARK purchased 440,689 shares of the same company, highlighting a strong investment trend.

Despite these strategic buys, the divestment from Tesla overshadowed the day’s trading activity, raising questions about ARK’s outlook on the electric vehicle giant. Investors and market watchers will be keen to see how these trades play out in the context of ARK’s overall investment strategy and the performance of the companies involved.

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