Market Movers: Cathie Wood’s Ark Invest Makes Significant Trades
Tesla Takes a Hit
On Thursday, Ark Invest, led by Cathie Wood, made a notable sale of 8,384 shares of Tesla Inc., valued at approximately $2.09 million. This move is consistent with Ark’s recent trend of reducing its Tesla holdings. Despite this, Wood’s firm remains bullish on Tesla’s driverless ride-hailing plans, which could unlock $11 trillion in revenue by leveraging lower operating costs of electric vehicles.
Meta Platforms Sees Significant Investment
Ark Invest’s Ark Fintech Innovation ETF, ARKK, and ARKW purchased a total of 34,076 shares of Meta Platforms Inc., valued at approximately $19.34 million. This investment comes on the heels of Meta’s third-quarter earnings report, where the company beat revenue and EPS estimates.
Palantir Technologies Sells Off
Ark Invest’s ARKF, ARKK, and ARKW sold a total of 334,767 shares of Palantir Technologies Inc., valued at approximately $13.9 million. This move follows a recent upgrade of L3Harris Technologies, a key collaborator with Palantir, by BofA Securities.
Block Inc. Shares Sold
Ark Invest’s decision to offload shares of Block Inc. was a notable one, selling 243,549 shares from its ARKK and ARKW. The value of this trade amounts to approximately $17.6 million. This move came on the same day that Block CEO Jack Dorsey announced a fresh wave of layoffs at Tidal.
Other Key Trades
Ark Invest’s ARKF and ARKK bought shares of Roku Inc. Ark Invest’s ARKK bought shares of Twist Bioscience Corp. Ark Invest’s ARKK sold shares of Moderna Inc.
Market Insights
The Nasdaq Composite is up 24% this year. Meanwhile, Asian stocks were mostly lower on Friday morning, with Japan’s benchmark Nikkei losing over 2% in early trading after a sharp decline on Wall Street driven by high expectations.
Economic Data Ahead
New economic data will be released on November 1. Additionally, Super Micro Computer faces potential delisting from the Nasdaq if it fails to submit a plan to regain compliance by November 16.
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