On Tuesday, Cathie Wood-led Ark Invest made some significant changes to its portfolio. They sold a large number of shares in Tesla Inc (NASDAQ:TSLA) and bought a substantial stake in Palantir Technologies Inc (NYSE:PLTR).
Ark Invest reduced its holdings in Tesla in two of its ETFs – ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW). The firm sold a total of 62,867 shares, valued at $14.54 million. Despite previously calling Tesla the “biggest AI project” in the world and predicting a stock price of $2,000 per share in the future, Wood decided to sell off some shares.
On the same day, Ark Invest purchased 37,053 shares of Palantir through its ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), spending $957,078. Palantir is gaining attention in the AI sector and has been described as a strong player in the market.
In addition to these trades, Ark Invest also made some other key moves. They sold shares of Teladoc Health Inc (NYSE:TDOC) and Twist Bioscience Corp (NASDAQ:TWST) from their ETFs, while buying shares of Recursion Pharmaceuticals Inc (NASDAQ:RXRX) and Intellia Therapeutics Inc (NASDAQ:NTLA) for their ARKG ETF.
Overall, these trades reflect Ark Invest’s strategy to adjust their portfolio based on market trends and opportunities.