Cathie Wood's Ark Invest has recently reduced its stake in e-commerce giant Shopify, continuing a pattern of active portfolio adjustments. This move comes as the investment firm also shed shares in Palantir Technologies, while simultaneously increasing its holdings in companies like Alibaba and Pony.ai. The trades reflect Ark Invest's dynamic strategy in navigating market volatility and seeking new growth opportunities.
Key Takeaways
- Ark Invest sold a portion of its Shopify shares.
- The firm also reduced its position in Palantir Technologies.
- Simultaneously, Ark Invest increased its investments in Alibaba and Pony.ai.
Shopify Sell-Off
Ark Invest's ETFs, including the ARK Fintech ETF, have divested a notable number of Shopify shares. For instance, the ARKF ETF sold 8,286 shares, valued at approximately $1.25 million. This follows previous reductions in Shopify holdings, signaling a potential strategic shift or rebalancing within the fund's e-commerce exposure. Despite these sales, Ark Invest still maintains a substantial investment in Shopify, with holdings valued at nearly $700 million.
Palantir Technologies Reduction
In line with its strategy of portfolio adjustments, Ark Invest also reduced its exposure to Palantir Technologies. The ARK Innovation ETF (ARKK) sold around 4,000 Palantir shares. This sale occurred even as optimism surrounding artificial intelligence remains high, and Ark Invest continues to hold a significant position in the data analytics firm, exceeding $660 million.
Strategic Buys
Contrasting its sell-offs, Ark Invest actively increased its stakes in other companies. The firm purchased over 4,000 shares of Chinese tech major Alibaba, boosting its total investment to approximately $44 million. This move aligns with Ark's recent trend of gradually building its position in the Chinese e-commerce leader. Additionally, Ark acquired more than 10,000 shares of autonomous mobility startup Pony.ai, following positive analyst coverage from Jefferies. The firm also notably bought 511,049 shares of DraftKings after a recent price decline.
Sources
- Cathie Wood's Ark Invest weekly recap: sheds shares in Palantir Technologies, Shopify, Roblox, Seeking Alpha.
- Cathie Wood’s ARK sheds Shopify and Palantir stock By Investing.com, Investing.com.
- Cathie Wood Dumps Palantir, Shopify Shares -- Loads Up on Alibaba and Pony.ai, Yahoo.
- Cathie Wood Dumps Palantir, Shopify Shares -- Loads Up on Alibab, GuruFocus.
- Cathie Wood's Ark Invest Sells Palantir and Shopify, Buys Alibaba and DraftKings, Parameter.
