Cathie Wood Trimmed This Big Tech Stock Holding But Bulked Up On SaaS Provider PagerDuty And Ginkgo Bioworks

Zinger Key Points
  • Cathie Wood's Ark Invest has been panned for liquidating the bulk of its Nvidia shares ahead of the AI-fueled rally in the stock.
  • Ark sold some shares in another major AI play but increased its bets on PagerDuty and Ginkgo Bioworks.

Cathie Wood-run Ark Invest on Friday accumulated shares in an operations performance platform provider and a biotech company.

Major Buys: Ark, through its Ark Innovation ETF ARK and Ark Next Generation Internet ETF ARKW, bought 498,487 shares of PagerDuty, Inc. PD on Friday, daily trade disclosure from Ark showed. The purchase is worth $11.47 million.

Ark took advantage of the 17.12% plunge in PagerDuty shares on Friday after the company lowered its revenue outlook. The company's quarterly results, however, beat estimates.

Ark's ARKK and Ark Genomic Revolution Fund ARKG bought 941,017 shares of Ginkgo Bioworks Holdings, Inc. DNA, valued at $1.52 million. Boston Massachusetts-based Gingko is a developer of biological engineering products and custom microbes.

See Also: Best Stocks Under $20

Trims Microsoft Stake: Ark sold 3,684 shares of Microsoft Corp. MSFT from its ARKW exchange-traded fund. At Microsoft's closing price of $335.40 on Friday, the sale would have netted Wood about $1.24 million.

Microsoft has been touted as the frontrunner in the AI race following its expanded partnership with ChatGPT parent OpenAI.

Following Nvidia Corp.’s NVDA recent breathtaking rally, Ark came under fire for failing to capitalize on the upside. The firm sold off much of its Nvidia holding before the chipmaker's AI-fueled rally began.

Wood, however, suggested in a recent interview with Bloomberg that Nvidia may have gotten ahead of its fundamentals and her firm instead is focused on the next big AI plays.

Microsoft ended Friday's session up 0.85% at $335.40, according to Benzinga Pro data. PagerDuty plunged 17.12% to $23 and Ginkgo settled at $1.62, down 3.57%.

Related Link: Nvidia Joins Trillion-Dollar Club: AI Surpasses Ukraine, Bitcoin, Inflation As Most-Searched Term On Google

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: Analyst ColorEquitiesLong IdeasNewsTop StoriesTechTrading IdeasARK InvestCathie WoodExpert Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!