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Cathie Wood's ARK ETF adjusts portfolio, sells Tesla stock, buys GitLab
Cathie Wood's ARK ETF published their daily trades for Thursday, 18 July 2024, revealing a mix of strategic buys and sells across the technology and healthcare sectors. Leading the day's activity was a substantial sale of Tesla Inc (NASDAQ:TSLA) shares, amounting to a total dollar value of $8,001,451. This move came as a notable adjustment by ARK, considering Tesla's usual status as a staple in the fund's holdings.
Conversely, ARK showed a bullish stance on GitLab Inc (NASDAQ:GTLB), with a purchase of 99,541 shares valued at $5,513,575. This acquisition represents the largest dollar-value buy for the day and signals a strong conviction in the company's growth potential.
In the healthcare space, ARK continued to increase its investment in Beam Therapeutics Inc (NASDAQ:BEAM), buying a total of 60,449 shares across its ARKK and ARKG ETFs, with a combined dollar value of $1,627,891. This follows a pattern of consistent accumulation over the past week, suggesting ARK's sustained confidence in the company's gene-editing technology.
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