Cathie Wood-Led Ark Invest's Monday Moves: Dumps Tesla, Palantir Stock, Adds Amazon

Benzinga12-24 15:28

On Monday, Cathie Wood-led Ark Invest executed notable trades involving Tesla Inc., Amazon.com Inc., and Palantir Technologies Inc..

The Tesla Trade

Ark Invest made a significant move by selling 13,040 shares of Tesla Inc. through its ARK Innovation ETF (ARKK). This transaction, valued at approximately $5.6 million, comes as Tesla faces potential challenges related to the possible cancellation of the $7,500 EV tax credit in the U.S. Researcher Troy Teslike has highlighted that similar tax credit cancellations in Europe have previously led to a decline in Tesla’s sales. Despite these concerns, Tesla’s stock closed at $430.60, marking a 2.27% increase.

The Palantir Trade

Ark Invest sold shares of the Alex Karp-led company on Monday. Palantir, which closed at $80.69, has been actively expanding its footprint in the defense sector. Ark sold 22,807 Palantir shares through the flagship ARKK ETF. The transaction was valued at $1.84 million.

The company, alongside Anduril Industries, is leading a consortium to challenge traditional defense contractors, according to a previous report. This move positions Palantir as a formidable player in the $850 billion U.S. military market.

The Amazon.com Trade

Ark Invest’s trade activity on Amazon was also noteworthy. The firm purchased 7,499 of the e-commerce giant’s shares through Ark Fintech Innovation ETF (ARKF). The transaction was valued at nearly $1.7 million. The company’s stock, which closed at $225.06 with a slight 0.06% uptick, has been the subject of optimistic projections. An analyst with an 86% accuracy rate has predicted a 24% upside for Amazon, as detailed in a recent analysis. This forecast aligns with Ark’s strategic interests in high-growth potential stocks.

Other Key Trades:

  • Bought stock of 10X Genomics Inc. via ARKK and ARKG.

  • Bought shares of Gitlab Inc. through ARKK.

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