Cathie Wood's Ark Invest Continues To Offload Palantir, Loads Up On Beam Therapeutics, GitLab

On Wednesday, Cathie Wood’s Ark Invest made significant trades, with the most prominent being in Beam Therapeutics Inc. BEAM, GitLab Inc. GTLB, Palantir Technologies Inc. PLTR, Roblox Corp. RBLX, Kratos Defense and Security Solutions Inc. KTOS, Cloudflare Inc. NET, CrowdStrike Holdings Inc. CRWD, CoreWeave Inc. CRWV and Avidxchange Holdings Inc. AVDX.

The BEAM Trade: Ark Invest’s ARK Innovation ETF ARKK purchased 349,264 shares of Beam Therapeutics. The biotech company’s stock has been on the radar of many investors due to its innovative approach to genetic medicines.

The value of this trade, based on the day’s closing price, is approximately $6.25 million.

The GTLB Trade: GitLab also saw significant buying activity from Ark Invest. The ARKK and ARK Next Generation Internet ETF ARKW bought a combined total of 227,698 shares of the software company. GitLab has been gaining traction in the tech industry with its single application for the entire software development lifecycle. The total value of this trade is around $9.88 million.

The PLTR Trade: In contrast to the buying activity in BEAM and GTLB, Ark Invest sold shares of Palantir Technologies across its ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, and ARK Space Exploration & Innovation ETF ARKX.

This move comes after Palantir’s stock faced pressure, despite surpassing first-quarter earnings expectations, and amid a brewing controversy surrounding the company's alleged involvement in a surveillance program.

The total shares sold amounted to 53,829, with a value of around $7.34 million.

Other Key Trades:

Roblox Corp: Ark Invest sold 98,362 shares via the ARKK ETF.
Kratos Defense and Security Solutions Inc: Ark Invest sold a combined total of 83,378 shares across the ARKQ and ARKX ETFs.
Cloudflare Inc: Ark Invest sold 5,193 shares via the ARKW ETF.
CrowdStrike Holdings Inc: Ark Invest sold 1,969 shares via the ARKW ETF.
CoreWeave Inc: Ark Invest sold 12,728 shares via the ARKW ETF.
Avidxchange Holdings Inc: Ark Invest sold 96 shares via the ARK Fintech Innovation ETF ARKF.