ARK Invest’s Massive Wednesday Tech Buying

Investing

Published: April 22, 2021 11:07 am

ARK Innovation ETF (NYSEARCA: ARKK) saw massive buying and selling action in Wednesday’s session, with many big names thrown around in the mix. While there is definitely some rebalancing going on with Cathie Wood’s largest holdings, it is interesting to see what new stocks she is making room for.

In total, this fund bought approximately $235 million worth of stock and sold roughly $237 million on Wednesday. Comparatively, the exchange-traded fund has $22.28 billion in net assets.

Excluding Thursday’s move, the fund has vastly outperformed the S&P 500 & Dow Jones industrial average with a gain of 145% in the past 52 weeks. However, it is actually down 2% year to date, lagging the major averages.

Here are a few of the major purchases in session, and note that these valuations are based on Wednesday’s closing prices:

4.01 million shares of Skillz Inc. (NYSE: SKLZ), valued at $67.3 million
1.35 million shares of UiPath Inc. (NYSE: PATH), valued at $93.1 million
126,173 shares of DraftKings Inc. (NASDAQ: DKNG), valued at $7.4 million
195,108 shares of Coinbase Global Inc. (NASDAQ: COIN), valued at $60.9 million

The major sales included the following:

122,015 shares of Twitter Inc. (NYSE: TWTR), valued at $8.2 million
163,981 shares of Tesla Inc. (NASDAQ: TSLA), valued at $122.0 million
170,764 shares of Square Inc. (NYSE: SQ), valued at $41.9 million
114,713 shares of Roku Inc. (NASDAQ: ROKU), valued at $40.9 million

Check out all of ARK Invest’s Buys and Sells for Wednesday. Also here’s a snapshot of the ARK Innovation ETF’s buys and sells:

Direction	Ticker	Company	Shares
Buy	SKLZ	Skillz	4,014,903
Buy	PATH	UiPath	1,348,999
Buy	IRDM	Iridium Communications	15,219
Buy	DKNG	DraftKings	126,173
Buy	COIN	Coinbase Global	195,108
Buy	BLI	Berkeley Lights	60,684
Buy	BEAM	Beam Therapeutics	37,406
Sell	TWTR	Twitter	122,015
Sell	TSLA	Tesla	163,981
Sell	SQ	Square	170,764
Sell	SNPS	Synopsis	19,690
Sell	ROKU	Roku	114,713
Sell	PCAR	Paccar	206,766

Note: Catherine Wood, the CEO and CIO of ARK Investment Management LLC, is a minority and non-voting shareholder of 24/7 Wall St. LLC, owner of a673b.bigscoots-temp.com.

24/7 Wall St.
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