Cathie Wood's Ark Invest Buys Shares Of Tesla Rival BYD, Continues Accumulating Palantir — Also Acquires AMD Shares

On Tuesday, Cathie Wood-led Ark Invest made significant trades, with the most prominent ones involving BYD Co Ltd BYDDY and Palantir Technologies Inc PLTR.

The BYD Co. Trade

Ark Invest, through its ARK Autonomous Technology & Robotics ETF ARKQ, purchased 18,748 shares of BYD Co Ltd. Based on the closing price of $54.47 on the same day, the estimated value of this trade is approximately $1.02 million. This move comes in the wake of a debate between the late billionaire investor Charlie Munger and Wood over the superiority of Tesla, Inc and BYD in the electric vehicle market.

Wood had defended Tesla, a key holding of Ark Innovation ETF, arguing that the lower costs associated with technologically enabled innovation in batteries and drivetrains would cause a boom in unit demand. This move by Ark Invest may indicate a broader strategy to capitalize on the growing electric vehicle market.

The Palantir Trade

Ark Invest also made a significant move in Palantir purchasing 45,453 shares through its ARKQ ETF. With a closing price of $21.97 on the same day, the trade is valued at approximately $1 million. This follows a previous acquisition of Palantir shares ahead of the company’s first-quarter earnings report, scheduled for May 5, 2024.

Analysts expect Palantir to report earnings per share of 8 cents on revenue of $625.33 million, representing an increase from the previous quarter.

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Other Key Trades:

• Ark Invest bought 1,658 shares of Advanced Micro Devices Inc (AMD) through its ARKQ fund in a transaction valued at $262,594. Notably, the purchase came on the same day the company declared its first-quarter earnings numbers. The results came slightly ahead of investor expectations.
• Ark Invest sold shares of 2U Inc (TWOU) from its ARK Innovation ETF (ARKK).
• Trimble Inc (TRMB) shares were reduced from the ARKQ. Shares of Kratos Defense and Security Solutions Inc (KTOS) were sold from the ARKQ fund.

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