Cathie Wood Loads Up Heavily On Debutant Uipath, Trims Tesla

Cathie Wood-led Ark Investment Management on Wednesday snapped up millions of shares of the New York-based software automation company UiPath Inc PATH on the day that it made its trading debut.

The investment firm deployed all its six active ETFs to buy the 2.74 million shares estimated to be worth $188.98 million as of UiPath’s Wednesday close of $69. 

Trades were made by the Ark Innovation ETF ARKK, Autonomous Technology & Robotics ARKQ, Next Generation Internet ETF ARKW, Fintech Innovation ETF ARKF, Genomic Revolution ETF ARKG and the Space Exploration & Innovation ETF ARKX.

ARKF bought 238,407 shares, ARKG bought 540,806 shares, ARKK bought 1,348,999 shares, ARKQ bought 187,267 shares, ARKW bought 384,976 shares, and ARKX bought 38,475 shares; all representing about 0.38% of the respective ETFs.

The products of the Bucharest, Romania-based software company are used by organizations to help efficiently automate their various business processes. PATH closed 5.34% higher on Wednesday, giving the company a market valuation of $35.8 billion.

See Also: Cathie Wood Loads Up On DraftKings, Coinbase, Palantir, Sells Nvidia, Square

Wood’s firm, which counts Tesla as its largest holding and had recently updated the stock’s target price to $3,000, sold 163,981 shares estimated to be worth $122 million based on the electric vehicle maker’s Wednesday close of $744.12. 

ARKK sold Tesla shares representing 0.497% of the ETF. Tesla continues to be Ark’s top holdings.

See Also: Cathie Wood Trims Tesla Stake And Loads Up Heavily On Coinbase

The new York-based investment firm also sold 307,575 shares of Square Inc SQ, estimated to be worth about $75.4 million. Square is among Ark’s top three holdings.

ARKK sold 170,764 shares representing 0.175% of the ETF and ARKW sold 136,811 shares representing 0.49% of the ETF.

The investment firm also sold 83,881 shares of the software company Xilinx Inc XLNX slated to be acquired by chipmaker Advanced Micro Devices Inc AMD. ARKQ and ARKX bought shares estimated to be worth about $10.6 million as of the stock’s Wednesday closing price of $126.95. 

It also snapped up more shares of the exercise bike maker Peloton Interactive Inc PTON buying 152,289 shares via ARKW and estimated to be worth about $15.2 million as of the stock’s Wednesday close.

Peloton shares closed 6.17% lower at $99.93 on Wednesday.

The investment firm bought a total of 58,881 shares of the online streaming website Netflix Inc NFLX via ARK and ARKX ETFs. Netflix stock closed 7.40% lower at $508.90 on Wednesday. It has a 52-week high of $593.29 and low of $393.60.

The investment firm sold 119,279 shares of the online payment company, representing about 0.46% of the ARKW ETF.

See Also: How Netflix Is Preparing To Combat The 'Lighter Content Slate' That Affected Q1 Growth

PayPal shares closed 0.17% higher at $264.89 on Wednesday. It has a 52-week high of $309.14 and low of $107.41.

Other Ark Buys On Wednesday:

• Recursion Pharmaceuticals RXRX
• Ionis Pharmaceuticals IONS
• 908 Devices MASS 
• Skillz SKLZ
• Iridium Communications IRDM 
• DraftKings DKNG 
• Coinbase Global COIN 
• Berkeley Lights BLI
• Beam Therapeutics BEAM
• Jaws Spitfire Acquisition SPFR
• Niu Technologies NIU
• 3D Systems DDD
• Tencent TCEHY
• Pinduoduo PDD 
• Reinvent Technology Partners RTP

Other Ark Sells On Wednesday:

• Intuit INTU
• Nvidia NVDA 
• LendingTree TREE 
• Workday WDAY 
• Thermo FIsher Scientific TMO
• Syros Pharmaceuticals SYRS 
• Novartis NVS
• Roche RHHBY
• Regeneron Pharmaceuticals REGN 
• Phreesia PHR
• Twitter TWTR
• Tesla TSLA
• Synopsys (SNPS) 
• Roku ROKU
• PACCAR PCAR 
• Pure Storage PSTG
• HubSpot HUBS 
• DocuSign DOCU 
• Intercontinental Exchange ICE

See also: How to Invest in Tesla Stock

Photo Courtesy of Uipath