On Monday, Cathie Wood's Ark Invest made a series of strategic trades, with the sale of Roku shares standing out as the most significant transaction of the day.
The Roku Trade
Ark Invest's decision to offload Roku Inc. (NASDAQ:ROKU) shares worth approximately $21.11 million. The Wood-led global asset manager sold 251,419 shares through its flagship ARK Innovation ETF (NYSE:ARKK). Roku shares closed 3.3% higher at $83.97 on Monday.
The sale comes after the company's recent earnings report. The trade reflects Wood's knack for timing and her firm's response to market dynamics. For more insights into Roku's performance and Ark's investment decisions. Earlier in November, Ark sold $1.43 million worth of Roku shares shortly after the streaming device maker declared quarterly results, which saw third-quarter revenue exceeding expectations.
Other Key Trades:
On Monday, Ark also sold 274,849 DraftKings Inc (NASDAQ:DKNG) shares worth $9.8 million through ARKK.
Ark's continued interest in genomics was evident with purchases of Pacific Biosciences of Calif. The (NASDAQ:PACB) and Intellia Therapeutics Inc. (NASDAQ:NTLA), reinforcing its bet on cutting-edge biotech firms.
The fund also increased its stake in 10X Genomics Inc. (NASDAQ:TXG) and Recursion Pharmaceuticals (NASDAQ:RXRX), further diversifying its portfolio within the healthcare sector.
In the realm of communication technology, Ark Invest bought shares of Iridium Communications Inc. (NASDAQ:IRDM), indicating a focus on companies with robust growth potential in satellite communications.
While Ark's sell-off of Roku was the highlight, the fund's active trading session didn't stop there. It continued to adjust its holdings across various sectors, reflecting Wood's active management style and forward-thinking investment approach.
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