Popular investor Cathie Wood’s ARK Invest made key portfolio moves on Wednesday, July 16, focusing on artificial intelligence (AI) stocks and crypto. According to ARK’s daily trade disclosures, the most notable buys were in the Ethereum staking space and AI-driven health tech stock, Tempus AI (TEM). At the same time, the ace hedge fund manager continued to offload shares of streaming platform Roku (ROKU).
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Wood Loads Up on Crypto, TEM, and NVDA
The largest trade of the day was a $7.16 million purchase of the 3iQ Ether Staking ETF (TSE:ETHQ). ARK added 600,000 shares, split equally across the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). The move shows Wood’s strong belief in crypto and its future, even with recent price swings.
As part of its AI focus, ARK also increased its stake in Tempus AI, a company that uses artificial intelligence in healthcare. The firm purchased 158,051 shares across the ARK Innovation ETF (ARKK) and ARK Genomic Revolution ETF (ARKG), valued at $8.83 million. This follows a smaller Tempus buy earlier in the week, showing ARK’s rising confidence in the stock.
In addition, the ARK Space Exploration & Innovation ETF (ARKX) added 11,021 shares of NVIDIA (NVDA), worth $1.88 million. NVIDIA’s role in AI and gaming likely makes it a good long-term pick for ARK’s fund.
Wall Street’s Take on TEM and NVDA Stocks
Turning to Wall Street, Tempus AI stock scores a Moderate Buy consensus rating, with the average TEM stock price target of $59.97 indicating a 14.82% possible upside from current levels. Meanwhile, Nvidia earns a Strong Buy consensus rating, with the average NVDA stock price target reflecting a 5.72% upside potential.
Notably, TEM is up 77.64% year-to-date, while NVDA has surged 27.63% over the same period.
ARK Continues to Sell Roku Stock
On the sell side, ARK offloaded 194,433 shares of Roku across ARKK, ARKW, and ARKF for a total value of $17.36 million.
This move reflects Wood’s ongoing trend of reducing her position in Roku over the past few trading sessions. On July 14, ARK sold a total of 33,963 shares of ROKU, worth $3.02 million.
Is ROKU Stock a Buy, Hold, or Sell?
Analysts remain divided on Roku’s long-term stock outlook. On TipRanks, ROKU stock has a Moderate Buy consensus rating based on 13 Buys, five Holds, and one Sell rating. Also, the average Roku price target of $93.89 implies 4.5% upside potential from current levels.
