Cathie Wood Loads Up Heavily On Debutant Uipath, Trims Tesla
Cathie Wood-led Ark Investment Management on Wednesday snapped up millions of shares of the New York-based software automation company UiPath Inc (NYSE:PATH) on the day that it made its trading debut.
The investment firm deployed all its six active ETFs to buy the 2.74 million shares estimated to be worth $188.98 million as of UiPath’s Wednesday close of $69.
Trades were made by the Ark Innovation ETF (NYSE:ARKK), Autonomous Technology & Robotics (BATS:ARKQ), Next Generation Internet ETF (NYSE:ARKW), Fintech Innovation ETF (NYSE:ARKF), Genomic Revolution ETF (BATS:ARKG) and the Space Exploration & Innovation ETF (BATS:ARKX).
ARKF bought 238,407 shares, ARKG bought 540,806 shares, ARKK bought 1,348,999 shares, ARKQ bought 187,267 shares, ARKW bought 384,976 shares, and ARKX bought 38,475 shares; all representing about 0.38% of the respective ETFs.
The products of the Bucharest, Romania-based software company are used by organizations to help efficiently automate their various business processes. PATH closed 5.34% higher on Wednesday, giving the company a market valuation of $35.8 billion.
Wood’s firm, which counts Tesla as its largest holding and had recently updated the stock’s target price to $3,000, sold 163,981 shares estimated to be worth $122 million based on the electric vehicle maker’s Wednesday close of $744.12.
ARKK sold Tesla shares representing 0.497% of the ETF. Tesla continues to be Ark’s top holdings.
The new York-based investment firm also sold 307,575 shares of Square Inc (NYSE:SQ), estimated to be worth about $75.4 million. Square is among Ark’s top three holdings.
ARKK sold 170,764 shares representing 0.175% of the ETF and ARKW sold 136,811 shares representing 0.49% of the ETF.
The investment firm also sold 83,881 shares of the software company Xilinx Inc (NASDAQ:XLNX) slated to be acquired by chipmaker Advanced Micro Devices Inc (NASDAQ:AMD). ARKQ and ARKX bought shares estimated to be worth about $10.6 million as of the stock’s Wednesday closing price of $126.95.
It also snapped up more shares of the exercise bike maker Peloton Interactive Inc (NASDAQ:PTON) buying 152,289 shares via ARKW and estimated to be worth about $15.2 million as of the stock’s Wednesday close.
Peloton shares closed 6.17% lower at $99.93 on Wednesday.
The investment firm bought a total of 58,881 shares of the online streaming website Netflix Inc (NASDAQ:NFLX) via ARK and ARKX ETFs. Netflix stock closed 7.40% lower at $508.90 on Wednesday. It has a 52-week high of $593.29 and low of $393.60.
The investment firm sold 119,279 shares of the online payment company, representing about 0.46% of the ARKW ETF.
PayPal shares closed 0.17% higher at $264.89 on Wednesday. It has a 52-week high of $309.14 and low of $107.41.
Other Ark Buys On Wednesday:
- Recursion Pharmaceuticals (NASDAQ:RXRX)
- Ionis Pharmaceuticals (NASDAQ:IONS)
- 908 Devices (NASDAQ:MASS)
- Skillz (NYSE:SKLZ)
- Iridium Communications (NASDAQ:IRDM)
- DraftKings (NASDAQ:DKNG)
- Coinbase Global (NASDAQ:COIN)
- Berkeley Lights (NASDAQ:BLI)
- Beam Therapeutics (NASDAQ:BEAM)
- Jaws Spitfire Acquisition (NYSE:SPFR)
- Niu Technologies (NASDAQ:NIU)
- 3D Systems (NYSE:DDD)
- Tencent (OTC:TCEHY)
- Pinduoduo (NASDAQ:PDD)
- Reinvent Technology Partners (NYSE:RTP)
Other Ark Sells On Wednesday:
- Intuit (NASDAQ:INTU)
- Nvidia (NASDAQ:NVDA)
- LendingTree (NASDAQ:TREE)
- Workday (NASDAQ:WDAY)
- Thermo FIsher Scientific (NYSE:TMO)
- Syros Pharmaceuticals (NASDAQ:SYRS)
- Novartis (NYSE:NVS)
- Roche (OTC:RHHBY)
- Regeneron Pharmaceuticals (NASDAQ:REGN)
- Phreesia (NYSE:PHR)
- Twitter (NYSE:TWTR)
- Tesla (NASDAQ:TSLA)
- Synopsys (SNPS)
- Roku (NASDAQ:ROKU)
- PACCAR (NASDAQ:PCAR)
- Pure Storage (NYSE:PSTG)
- HubSpot (NYSE:HUBS)
- DocuSign (NASDAQ:DOCU)
- Intercontinental Exchange (NYSE:ICE)
See also: How to Invest in Tesla Stock
Photo Courtesy of Uipath
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