Cathie Wood-led Ark Invest made significant trades on Tuesday, focusing on BYD Co Ltd and Palantir Technologies Inc. Through its ARK Autonomous Technology & Robotics ETF, Ark Invest purchased 18,748 shares of BYD Co Ltd, valued at approximately $1.02 million. This move aligns with Wood’s belief in the growth potential of the electric vehicle market.
Additionally, Ark Invest acquired 45,453 shares of Palantir through its ARKQ ETF, worth around $1 million. Analysts anticipate positive earnings results from Palantir’s upcoming report on May 5, 2024.
In other trades, Ark Invest bought shares of Advanced Micro Devices Inc while selling shares of 2U Inc and reducing holdings in Trimble Inc and Kratos Defense and Security Solutions Inc.
These trades showcase Ark Invest’s strategic moves to capitalize on emerging market trends.