Cathie Wood's Ark Invest Increases Palantir Exposure By $10.08M Amid Market Volatility, Offloads Shopify Stock
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, has increased its stake in Palantir Technologies Inc (PLTR) by $10.08M, despite recent market turbulence and a downgrade from Morgan Stanley. The shares were purchased through ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). In contrast, Ark Invest offloaded $10.65 million worth of Shopify Inc (SHOP) shares. Other trades included buying ACCOLADE INC and INTELLIA THERAPEUTICS INC (NTLA) shares, and selling CODEXIS INC and PHENOMEX INC shares.
September 01, 2023 | 2:47 am
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NEGATIVE IMPACT
Ark Invest has offloaded $10.65 million worth of Shopify shares.
Ark Invest's decision to offload Shopify shares, despite a recent rally in the stock's price, suggests a strategic shift in its investment approach towards the e-commerce platform. This could potentially lead to a negative impact on the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Ark Invest has used Ark Fintech Innovation ETF to make significant trades in Palantir and Shopify.
The use of Ark Fintech Innovation ETF by Ark Invest for significant trades in Palantir and Shopify indicates a strategic use of the ETF. However, the impact on the ETF's price in the short term is uncertain due to the contrasting nature of the trades.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ark Invest has used ARK Innovation ETF to make significant trades in Palantir and Shopify.
The use of ARK Innovation ETF by Ark Invest for significant trades in Palantir and Shopify indicates a strategic use of the ETF. However, the impact on the ETF's price in the short term is uncertain due to the contrasting nature of the trades.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ark Invest has used ARK Next Generation Internet ETF to make significant trades in Palantir and Shopify.
The use of ARK Next Generation Internet ETF by Ark Invest for significant trades in Palantir and Shopify indicates a strategic use of the ETF. However, the impact on the ETF's price in the short term is uncertain due to the contrasting nature of the trades.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest has purchased 6,699 shares of Intellia Therapeutics.
The purchase of Intellia Therapeutics shares by Ark Invest indicates a positive outlook for the company. This could potentially lead to a positive impact on the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest has increased its stake in Palantir despite recent market turbulence and a downgrade from Morgan Stanley.
The decision by Ark Invest to increase its stake in Palantir despite recent market turbulence and a downgrade from Morgan Stanley indicates a strong belief in the company's future. This could potentially lead to a positive impact on the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100