Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made strategic portfolio adjustments on Wednesday, August 20, according to the funds’ daily disclosures. Wood sold a significant portion of ARK’s stake in TV streaming platform Roku (ROKU), while continuing to pour millions into the biotech space, including Intellia Therapeutics (NTLA), Twist Bioscience (TWST), and CRISPR Therapeutics (CRSP). The ace hedge fund manager has consistently shown confidence in the potential of gene-editing technologies to develop treatments for rare diseases.
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Yesterday, the ARK Innovation ETF (ARKK) sold 80,186 shares of Roku, valued at $7.12 million. Wood also continued trimming her stake in Genius Sports (GENI), selling 398,448 shares through the ARK Next Generation Internet ETF (ARKW), for a total of about $5 million.
Another notable trade of the day was the addition of 119,163 shares of PagerDuty (PD), worth about $1.91 million. PagerDuty is a cloud-based incident management platform. Wood appears to be buying the dip in PagerDuty stock, as shares have been trending lower recently. On the previous day as well, ARK funds purchased PagerDuty shares worth $3.3 million, followed by another $2.2 million on August 18.
Wood Continues to Accumulate Biotech Stocks
On August 20, the ARKK ETF and the ARK Genomic Revolution ETF (ARKG) acquired a combined 158,190 shares of Intellia Therapeutics, valued at $1.63 million. Additionally, the two ETFs bought a total of 14,280 shares in CRISPR Therapeutics. The ARK funds also purchased $1.44 million worth of shares in 10X Genomics (TXG), along with a smaller stake in Twist Bioscience.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
Wood Offloads Roku Stock
The sale of Roku comes as a surprise, since Wood had been accumulating ROKU stock earlier this year. Notably, Roku is the second-largest holding in the ARKK fund, with a market value of $579.3 million and a portfolio weight of 7.42%.
Interestingly, the streaming company also holds the #2 spot across ARK’s combined portfolio, with a market value of $764.2 million and a 5.53% weighting. So far this year, ROKU stock has gained 19%.
On TipRanks, ROKU stock has a Moderate Buy consensus rating based on 15 Buys, seven Holds, and one Sell rating. The average Roku price target of $104.05 implies 17.6% upside potential from current levels.
