Cathie Wood’s ARK Sells PayPal and Spotify Stocks on September 23

Cathie Wood’s ARK ETFs disclosed their daily trades for Monday, September 23, 2024, showcasing a blend of buying and selling activity across multiple sectors. The largest transaction involved the sale of 11,620 shares of Spotify Technology SA, amounting to $4,243,275. This transaction marks another in a series of sales for the music streaming platform, suggesting a potential strategic shift in ARK’s investment approach regarding the company.

Another notable trade was the acquisition of 81,079 shares of GitLab Inc for a total of $4,220,161, indicating a significant investment in the DevOps platform provider. This purchase aligns with ARK’s focus on innovative technology companies expected to grow.

ARK also sold 2,875 shares of Adyen NV through its ARKF ETF, with a total value of $4,420,963. This sale reflects a potential rebalancing of the fund’s portfolio, as Adyen’s stock has been of particular interest to ARK.

In the cryptocurrency arena, ARK trimmed its holdings in the ARK 21Shares Bitcoin ETF by selling 44,609 shares valued at $2,800,106. This move could suggest a cautious stance on digital assets in light of ongoing market volatility.

The report on daily trades also indicated a continued accumulation of 3D Systems Corp shares, with ARK purchasing 374,355 shares across the ARKQ and ARKX ETFs for a total of $965,835. This consistent buying trend over the past week signals ARK’s growing confidence in the 3D printing sector.

ARK’s presence in the biotech field was highlighted by the purchase of 704,526 shares of Pacific Biosciences for $1,285,759. The genomic analysis company has garnered recurrent interest from ARK, underscoring its potential in the healthcare industry.

Additionally, ARK strengthened its position in Pinterest Inc by acquiring 115,211 shares worth $3,500,110. This investment in the social media platform is particularly relevant given the evolving landscape of digital advertising.

On the divestment side, ARK sold 1,637 shares of Ansys Inc for $524,249 and 1,078 shares of Intuitive Surgical Inc for $524,123, as part of its ongoing portfolio adjustments.

Smaller trades included the sale of 16,207 shares of Butterfly Network Inc for $29,010, 7,747 shares of Palantir Technologies Inc for $288,188, and 17,860 shares of a 3D printing ETF for $358,986.

Finally, ARK sold 575 shares of Vertex Pharmaceuticals for $267,329, along with 45,675 shares of Roku Inc, valued at $3,472,213, further refining its investment strategy.

Investors and market observers closely track ARK’s trading activity for insights into Cathie Wood’s investment approach and the firm’s perspectives on various sectors and individual stocks.