On Wednesday, Cathie Wood’s Ark Invest made several important trades, the most notable of which were Tesla Inc. (TSLA), Advanced Micro Devices Inc. (AMD), and Palantir Technologies Inc. (PLTR). ) was involved.
Tesla Trades: Ark Invest’s ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW sold a total of 62,151 Tesla shares. Based on Tesla’s closing price of $257.55 on Wednesday, the deal would be worth about $16 million.
The move follows Ark’s recent decision to buy a significant stake in Archer Aviation, Inc. (ACHR) on both Tuesday and Wednesday, while selling its stake in the Elon Musk-led company.
ARK Investment Management predicts that Tesla’s driverless ride-hailing service could tap into an $11 trillion revenue market by leveraging lower operating costs to lower current ride-hailing prices. Tesla aims to launch the service in Texas and California next year, initially with drivers on board, with the goal of fully autonomous driving pending regulatory approval. Still, Wood’s company has been selling Tesla stock a lot lately.
AMD Trade: Ark Invest purchased a total of 111,080 shares of Advanced Micro Devices across ARKK, ARKW, ARK Autonomous Technology & Robotics ETF ARKQ, and ARK Space Exploration & Innovation ETF ARKX. The move comes after AMD’s impressive third-quarter earnings report, which revealed an 18% year-over-year revenue increase. Based on AMD’s Wednesday closing price of $148.6, the deal would be worth about $16.5 million.
Palantir Trades: Ark Invest sold a total of 372,730 shares of Palantir Technologies across ARKK, ARKQ, ARKW, and ARKX ETFs. Despite Palantir’s recent 52-week high price and strategic alliance with L3Harris Technologies Inc (LHX), Ark has decided to reduce its stake. Based on Palantir’s Wednesday closing price of $43.69, the deal is worth approximately $16.3 million.
SEE ALSO: Elon Musk talks about Warren Buffett as Tesla stock soars after strong third quarter: “Having a publicly traded company means…”
Other major transactions:
Cathie Wood purchased 689365 shares of Archer Aviation Inc ACHR through the ARKK ETF. The value of this transaction was $2.3 million. The company purchased 3,426 shares of Meta Platforms Inc META, valued at $2.03 million, through the ARKK and ARKW ETFs. Ark Invest purchased shares of Absci Corp (ABSI) and shares of Cerus Corp (CERS) through the ARKG ETF.
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