Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made notable portfolio adjustments on Thursday, August 21, according to the funds’ daily disclosures. The trades reflect ARK’s ongoing portfolio adjustment, reducing exposure to select high-profile tech stocks while strengthening positions in biotech and cloud software.
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Trimming Robinhood, Roku, and Shopify
Wood continued to trim the fund’s position in Robinhood Markets (HOOD), Roku (ROKU), and Shopify (SHOP) stocks. The ARK Fintech Innovation ETF (ARKF) sold 14,914 shares of trading platform Robinhood worth about $1.57 million. Moreover, the ARKF fund trimmed its stake in TV streaming platform Roku, offloading 16,128 shares valued at $1.43 million. Just a day earlier, Wood had sold 80,186 Roku shares for $7.12 million, underscoring her continued shift away from the consumer tech player.
The fund also reduced its stake in Canadian e-commerce platform Shopify, selling 11,711 shares for roughly $1.61 million. These sales potentially reflect a shift in overall strategy or a response to recent developments in the market.
Wood Buys the Dip in PagerDuty and Adds to Intellia
ARK’s largest trade of the day was the purchase of 138,706 shares of cloud-based incident management platform PagerDuty (PD) for about $2.22 million. This follows two previous sessions of steady buying, bringing ARK’s three-day investment in PagerDuty to $7.41 million. Wood appears to be buying the dip in PagerDuty stock, as shares have been trending lower recently as part of the larger tech sell-off.
Meanwhile, Wood continued to accumulate biotech stocks through the ARK Innovation ETF (ARKK) and the ARK Genomic Revolution ETF (ARKG) funds. The renowned hedge fund manager has consistently expressed confidence in gene-editing technologies as a means to develop treatments for rare diseases. On August 21, the two funds purchased $929,620 worth of shares in Intellia Therapeutics (NTLA).
Overall, ARK’s trades show a shift away from consumer tech companies and toward newer growth areas like biotech and enterprise software.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
