ARK Invest’s Massive Wednesday Tech Buying

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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 247wallst.com.