Cathie Wood Smelling AI Opportunity? Ark Invest Buys Tempus AI Dip, Scoops Up Over $13 M Worth Of Stock

On Thursday, Cathie Wood-led Ark Invest made significant trades involving Tempus AI Inc TEM and GitLab Inc GTLB. These trades reflect Ark’s strategic positioning in the tech and AI sectors, following recent earnings reports from both companies.

The Tempus AI Trade

Ark Invest’s ARK Innovation ETF ARKK acquired 225,833 shares of Tempus AI, while ARK Genomic Revolution ETF ARKG purchased 44,969 shares. The transactions were valued at $13.23 million. For the day, Tempus AI shares ended 7.9% lower at $48.86.

These trades come after Tempus AI’s recent quarterly earnings report, which showed a revenue miss but an earnings-per-share beat. The company reported fourth-quarter revenue of $200.68 million, falling short of the $203.12 million estimate. However, its adjusted loss of 18 cents per share was better than the anticipated 20-cent loss.

Despite the mixed results, Tempus AI provided strong guidance. Analysts have varied opinions on Tempus AI, with some expressing bullish sentiments while others remaining cautious.

The GitLab Trade

On the same day, Ark Invest’s ARKK and ARK Next Generation Internet ETF ARKW collectively purchased 86,906 shares of GitLab. This trade was valued at $5.06 million based on Thursday’s closing price of $58.25.

This move follows GitLab’s impressive fourth-quarter earnings report, which exceeded expectations. GitLab reported earnings of 33 cents per share, surpassing the consensus estimate of 23 cents. Additionally, its revenue of $211.43 million beat the expected $206.12 million.

Other Key Trades:

Purchased Ibotta Inc. (IBTA) stock through ARKK and ARKF
Purchased Recursion Pharmaceuticals Inc. (RXRX) shares through ARKG.
Sold shares of Uipath Inc. (PATH) via ARKK and Draftkings Inc. (DKNG) through ARKW.
ARKG sold Repare Therapeutics Inc. (RPTX) and Exact Sciences Corp. (EXAS) stock

Image via Shutterstock

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