On Wednesday, Cathie Wood-led Ark Invest made some significant trades, with the most notable ones involving Tesla Inc (TSLA), Advanced Micro Devices Inc (AMD), and Palantir Technologies Inc (PLTR).
The Tesla Trade: Ark Invest’s ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW) sold a total of 62,151 shares of Tesla. Based on Tesla's closing price of $257.55 on Wednesday, the value of this trade is approximately $16 million.
This move followed Ark’s recent decision to buy a substantial amount of Archer Aviation Inc (ACHR) shares on both Tuesday and Wednesday while selling shares of the Elon Musk-led company.
ARK Investment Management projects that Tesla’s driverless ride-hailing service could tap into an $11 trillion revenue market, leveraging low operating costs to undercut current ride-hail prices. Tesla aims to launch this service next year in Texas and California, initially with drivers, and targets fully autonomous rides pending regulatory approval. Even so, the Wood-led firm has been on a Tesla share-selling spree lately.
The AMD Trade: Ark Invest bought a total of 111,080 shares of Advanced Micro Devices across its ARKK, ARKW, ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARK Space Exploration & Innovation ETF (BATS:ARKX). This move comes in the wake of AMD’s impressive Q3 earnings report, which revealed a year-over-year revenue increase of 18%. The value of this trade, based on AMD’s closing price of $148.6 on Wednesday, is approximately $16.5 million.
The Palantir Trade: Ark Invest sold a total of 372,730 shares of Palantir Technologies across its ARKK, ARKQ, ARKW, and ARKX ETFs. Despite Palantir’s recent 52-week high and a strategic partnership with L3Harris Technologies Inc (LHX), Ark decided to reduce its stake. The value of this trade, based on Palantir’s closing price of $43.69 on Wednesday, is approximately $16.3 million.
Other Key Trades:
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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