Cathie Wood Shuffles Her Tech Deck: Continues Dumping Tesla And Palantir, Stocks Up On AMD And Meta

On Wednesday, Cathie Wood-led Ark Invest made some significant trades, with the most notable ones involving Tesla Inc (TSLA), Advanced Micro Devices Inc (AMD), and Palantir Technologies Inc (PLTR).

The Tesla Trade: Ark Invest’s ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW sold a total of 62,151 shares of Tesla. Based on Tesla's closing price of $257.55 on Wednesday, the value of this trade is approximately $16 million.

This move followed Ark’s recent decision to buy a substantial amount of Archer Aviation Inc (ACHR) shares on both Tuesday and Wednesday while selling shares of the Elon Musk-led company.

ARK Investment Management projects that Tesla’s driverless ride-hailing service could tap into an $11 trillion revenue market, leveraging low operating costs to undercut current ride-hail prices. Tesla aims to launch this service next year in Texas and California, initially with drivers, and targets fully autonomous rides pending regulatory approval. Even so, the Wood-led firm has been on a Tesla share-selling spree lately.

The AMD Trade: Ark Invest bought a total of 111,080 shares of Advanced Micro Devices across its ARKK, ARKW, ARK Autonomous Technology & Robotics ETF ARKQ and ARK Space Exploration & Innovation ETF ARKX. This move comes in the wake of AMD’s impressive Q3 earnings report, which revealed a year-over-year revenue increase of 18%. The value of this trade, based on AMD’s closing price of $148.6 on Wednesday, is approximately $16.5 million.

The Palantir Trade: Ark Invest sold a total of 372,730 shares of Palantir Technologies across its ARKK, ARKQ, ARKW, and ARKX ETFs. Despite Palantir’s recent 52-week high and a strategic partnership with L3Harris Technologies Inc (LHX), Ark decided to reduce its stake. The value of this trade, based on Palantir’s closing price of $43.69 on Wednesday, is approximately $16.3 million.

See Also: Elon Musk Channels Warren Buffett As Tesla’s Stock Booms After Strong Q3: ‘Having A Publicly Traded Company Is Like…’

Other Key Trades:

  • Cathie Wood Purchased 689365 shares of Archer Aviation Inc ACHR through its ARKK ETF. This transaction was valued at $2.3 million.
  • The firm bought 3426 shares of Meta Platforms Inc META, worth $2.03 million, through its ARKK and ARKW ETFs.
  • Ark Invest bought shares of Absci Corp (ABSI) and shares of Cerus Corp (CERS) through its ARKG ETF.

Image via Benzinga YouTube and Unsplash

Read Next:

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EquitiesNewsMarketsETFsAdvanced Micro DevicesAMDArcher AviationARK InvestARK Invest ETFsArk Invest ManagementCathie Woodelectric vehiclesElon MuskEVsMeta Platforms IncPalantiirPalantir TechnologiesShivdeep DhaliwalTesla
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!