Popular investor Cathie Wood turned her focus to semiconductors and genomics names in her latest round of trades on Wednesday, August 6. The biggest buy of the day came in Advanced Micro Devices (AMD), with ARK pouring in about $38 million across five ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), ARK Fintech Innovation ETF (ARKF), ARK Autonomous Technology & Robotics ETF (ARKQ), and ARK Space Exploration & Innovation ETF (ARKX).
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The move comes shortly after AMD reported mixed second-quarter results on August 6. Following the release, the stock dropped more than 4% in after-hours trading and lost more than 6% in yesterday’s trading. Despite the pullback, Top Wall Street analysts remain bullish on AMD, raising their price targets to reflect strong demand in the data center segment and future growth potential.
Just like the analysts, Wood’s purchase also points to continued confidence in AMD’s AI chip roadmap and long-term growth potential.
Is AMD a Buy or Sell Now?
Turning to Wall Street, AMD stock has a Moderate Buy consensus rating based on 25 Buys, 10 Holds, and one Sell assigned in the last three months. At $161.16, the average AMD price target implies a 1.20% downside potential.
Biotech Bets Gain Momentum
In addition to AMD, Wood continues to accumulate shares in the biotech space.
She added nearly $8 million worth of Twist Bioscience (TWST) shares across ARKK and ARK Genomic Revolution ETF (ARKG) and purchased $4.3 million of CRISPR Therapeutics (CRSP) through ARKK ETF.
ARK Trims Stakes in RBLX, PLTR, and SHOP
On the sell side, ARK Invest reduced its stake in several well-known names. It sold more than $14.6 million worth of Roblox (RBLX) shares across its ARKK and ARKW ETFs. The firm also reduced its stake in Palantir Technologies (PLTR), a company that provides data analytics and AI software for governments and enterprises, selling $11.1 million worth of shares.
In addition, ARK cut its position in Shopify (SHOP), a leading provider of e-commerce tools for online businesses, by $11.2 million across ARKK, ARKW, and ARKF.
In terms of share price performance, RBLX, PLTR, and SHOP have gained 270%, 582%, and 143%, respectively, over the past year.
Let’s take a brief look at how all these stocks perform on TipRanks’ Stock Comparison Tool.
