Cathie Wood Makes Bullish Move On Baidu: Ark Adds 30K+ Shares Amid China-US Trade Thaw

On Tuesday, Cathie Wood-led Ark Invest made a series of trades, with a notable buy of Baidu Inc (NASDAQ:BIDU) shares. This move came on the same day as a significant rally in US-listed Chinese stocks, following an agreement between Beijing and Washington to temporarily lower tariffs on each other’s products.

The BIDU Trade

The ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) fund purchased 30,217 shares of Baidu, representing 0.3096% of the ETF. This move was in line with the broader market trend, as US-listed Chinese stocks experienced a surge following the easing of import tariffs between the US and China. Stocks like Alibaba Group Holding, PDD Holdings, and Baidu all gained on Monday.

On Monday, Baidu shares spiked 5.1% to $91.27. The value of the Ark Trade was $2.76 million.

Other Key Trades:

• Ark’s ARKQ fund sold 107,207 shares of UiPath Inc. (PATH).
• Ark’s ARKQ fund also sold 37,888 shares of Magna International Inc. (MGA).
• Ark’s ARKW fund sold 103,705 shares of Rubrik Inc. (RBRK).
• Ark’s ARKW fund bought 103,423 shares of GitLab Inc. (GTLB).
• Ark’s ARKX fund sold 54,474 shares of UiPath Inc. (PATH).
• Ark’s ARKX fund bought 66,966 shares of 3D Systems Corp (DDD).

Benzinga Edge Stock Rankings indicate Baidu has Momentum in the 31st percentile and a Value in the 94th percentile? How do other Chinese stocks like Alibaba compare? Find out here.

Photo Courtesy: Ira Lichi On Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal