Cathie Wood Loads Up Heavily On Debutant Uipath, Trims Tesla

Cathie Wood-led Ark Investment Management on Wednesday snapped up millions of shares of the New York-based software automation company UiPath Inc (NYSE: PATH) on the day that it made its trading debut.

The investment firm deployed all its six active ETFs to buy the 2.74 million shares estimated to be worth $188.98 million as of UiPath’s Wednesday close of $69. 

Trades were made by the Ark Innovation ETF (NYSE: ARKK), Autonomous Technology & Robotics (BATS: ARKQ), Next Generation Internet ETF (NYSE: ARKW), Fintech Innovation ETF (NYSE: ARKF), Genomic Revolution ETF (BATS: ARKG) and the Space Exploration & Innovation ETF (BATS: ARKX).

ARKF bought 238,407 shares, ARKG bought 540,806 shares, ARKK bought 1,348,999 shares, ARKQ bought 187,267 shares, ARKW bought 384,976 shares, and ARKX bought 38,475 shares; all representing about 0.38% of the respective ETFs.

The products of the Bucharest, Romania-based software company are used by organizations to help efficiently automate their various business processes. PATH closed 5.34% higher on Wednesday, giving the company a market valuation of $35.8 billion.

See Also: Cathie Wood Loads Up On DraftKings, Coinbase, Palantir, Sells Nvidia, Square

Wood’s firm, which counts Tesla as its largest holding and had recently updated the stock’s target price to $3,000, sold 163,981 shares estimated to be worth $122 million based on the electric vehicle maker’s Wednesday close of $744.12. 

ARKK sold Tesla shares representing 0.497% of the ETF. Tesla continues to be Ark’s top holdings.

See Also: Cathie Wood Trims Tesla Stake And Loads Up Heavily On Coinbase

The new York-based investment firm also sold 307,575 shares of Square Inc (NYSE: SQ), estimated to be worth about $75.4 million. Square is among Ark’s top three holdings.

ARKK sold 170,764 shares representing 0.175% of the ETF and ARKW sold 136,811 shares representing 0.49% of the ETF.

The investment firm also sold 83,881 shares of the software company Xilinx Inc (NASDAQ: XLNX) slated to be acquired by chipmaker Advanced Micro Devices Inc (NASDAQ: AMD). ARKQ and ARKX bought shares estimated to be worth about $10.6 million as of the stock’s Wednesday closing price of $126.95. 

It also snapped up more shares of the exercise bike maker Peloton Interactive Inc (NASDAQ: PTON) buying 152,289 shares via ARKW and estimated to be worth about $15.2 million as of the stock’s Wednesday close.

Peloton shares closed 6.17% lower at $99.93 on Wednesday.

The investment firm bought a total of 58,881 shares of the online streaming website Netflix Inc (NASDAQ: NFLX) via ARK and ARKX ETFs. Netflix stock closed 7.40% lower at $508.90 on Wednesday. It has a 52-week high of $593.29 and low of $393.60.

The investment firm sold 119,279 shares of the online payment company, representing about 0.46% of the ARKW ETF.

See Also: How Netflix Is Preparing To Combat The 'Lighter Content Slate' That Affected Q1 Growth

PayPal shares closed 0.17% higher at $264.89 on Wednesday. It has a 52-week high of $309.14 and low of $107.41.

Other Ark Buys On Wednesday:

• Recursion Pharmaceuticals (NASDAQ: RXRX)
• Ionis Pharmaceuticals (NASDAQ: IONS)
• 908 Devices (NASDAQ: MASS) 
• Skillz (NYSE: SKLZ)
• Iridium Communications (NASDAQ: IRDM) 
• DraftKings (NASDAQ: DKNG) 
• Coinbase Global (NASDAQ: COIN) 
• Berkeley Lights (NASDAQ: BLI)
• Beam Therapeutics (NASDAQ: BEAM)
• Jaws Spitfire Acquisition (NYSE: SPFR)
• Niu Technologies (NASDAQ: NIU)
• 3D Systems (NYSE: DDD)
• Tencent (OTC: TCEHY)
• Pinduoduo (NASDAQ: PDD) 
• Reinvent Technology Partners (NYSE: RTP)

Other Ark Sells On Wednesday:

• Intuit (NASDAQ: INTU)
• Nvidia (NASDAQ: NVDA) 
• LendingTree (NASDAQ: TREE) 
• Workday (NASDAQ: WDAY) 
• Thermo FIsher Scientific (NYSE: TMO)
• Syros Pharmaceuticals (NASDAQ: SYRS) 
• Novartis (NYSE: NVS)
• Roche (OTC: RHHBY)
• Regeneron Pharmaceuticals (NASDAQ: REGN) 
• Phreesia (NYSE: PHR)
• Twitter (NYSE: TWTR)
• Tesla (NASDAQ: TSLA)
• Synopsys (SNPS) 
• Roku (NASDAQ: ROKU)
• PACCAR (NASDAQ: PCAR) 
• Pure Storage (NYSE: PSTG)
• HubSpot (NYSE: HUBS) 
• DocuSign (NASDAQ: DOCU) 
• Intercontinental Exchange (NYSE: ICE)

See also: How to Invest in Tesla Stock

Photo Courtesy of Uipath