Cathie Wood's ARK ETFs have once again made significant moves in the stock market on Wednesday, 10 July 2024, with a series of buys and sells that reflect the fund's dynamic investment strategies. Leading the trades was a substantial purchase of 10X Genomics Inc (NASDAQ:TXG) shares, with ARK acquiring a total of 936,673 shares across its ARKK and ARKG ETFs, amounting to a hefty dollar value of $17,094,282.
On the sell-side, ARK offloaded a considerable number of Zoom Video Communications Inc (NASDAQ:ZM) shares, totaling 109,487 through its ARKK ETF, valued at $6,227,620. This move comes amidst a period of volatility for the video conferencing company, which has seen its stock fluctuate with changing work patterns post-pandemic.
ARK's interest in the biotech sector remains strong, as evidenced by the purchase of 877,99 shares of 908 Devices Inc. (NASDAQ:MASS) through its ARKG ETF, valued at $404,753. Additionally, the fund continued to accumulate shares of Pacific Biosciences (NASDAQ:PACB) of California Inc (NASDAQ:PACB), buying a total of 247,669 shares across ARKK and ARKG ETFs, with a combined dollar value of $324,446.
Another notable trade was the acquisition of 765,851 shares of Blade Air Mobility Inc (NASDAQ:BLDE) through ARKQ ETF, totaling $2,642,185. This purchase comes after a previous buy on Tuesday, 9 July, where ARK added 177,289 BLDE shares, suggesting a growing confidence in the urban air mobility service provider.
ARK also divested from several other holdings, including a sale of 2,466 shares of AeroVironment Inc (NASDAQ:AVAV) through its ARKQ ETF, totaling $413,893, and a reduction in its position of Incyte Corp (NASDAQ:INCY) by selling 62,152 shares through ARKG ETF for a dollar value of $3,772,626.
Smaller, yet strategic, trades included buying 32,658 shares of Tempus AI Inc (NYSE:TEM) through ARKG ETF, valued at $1,126,701, and 44,004 shares of Veracyte Inc (NASDAQ:VCYT) across ARKK and ARKG ETFs, amounting to $935,965. Additionally, ARK sold 52,937 shares of Verve Therapeutics Inc (NASDAQ:VERV) through its ARKK ETF, valued at $332,444.
The continued sell-off of Teladoc Health Inc (NYSE:NYSE:TDOC) was also observed, with ARK parting with 50 shares through its ARKW ETF, valued at $457. This follows a pattern of selling Teladoc shares in recent days.
ARK's daily trades offer a window into Wood's investment strategy, which seems to be increasingly focused on biotech and technology stocks that have the potential to disrupt their respective industries. Investors and market watchers closely monitor these trades for insights into the ETF's approach to navigating the ever-changing stock market landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.