Cathie Wood's Ark Invest Buys Shares Of Tesla Rival BYD, Continues Accumulating Palantir — Also Acquires AMD Shares

On Tuesday, Cathie Wood-led Ark Invest made significant trades, with the most prominent ones involving BYD Co Ltd (OTC:BYDDY) and Palantir Technologies Inc (NYSE:PLTR).

The BYD Co. Trade

Ark Invest, through its ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), purchased 18,748 shares of BYD Co Ltd. Based on the closing price of $54.47 on the same day, the estimated value of this trade is approximately $1.02 million. This move comes in the wake of a debate between the late billionaire investor Charlie Munger and Wood over the superiority of Tesla, Inc and BYD in the electric vehicle market.

Wood had defended Tesla, a key holding of Ark Innovation ETF, arguing that the lower costs associated with technologically enabled innovation in batteries and drivetrains would cause a boom in unit demand. This move by Ark Invest may indicate a broader strategy to capitalize on the growing electric vehicle market.

The Palantir Trade

Ark Invest also made a significant move in Palantir purchasing 45,453 shares through its ARKQ ETF. With a closing price of $21.97 on the same day, the trade is valued at approximately $1 million. This follows a previous acquisition of Palantir shares ahead of the company’s first-quarter earnings report, scheduled for May 5, 2024.

Analysts expect Palantir to report earnings per share of 8 cents on revenue of $625.33 million, representing an increase from the previous quarter.

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Other Key Trades:

• Ark Invest bought 1,658 shares of Advanced Micro Devices Inc (AMD) through its ARKQ fund in a transaction valued at $262,594. Notably, the purchase came on the same day the company declared its first-quarter earnings numbers. The results came slightly ahead of investor expectations.
• Ark Invest sold shares of 2U Inc (TWOU) from its ARK Innovation ETF (ARKK).
• Trimble Inc (TRMB) shares were reduced from the ARKQ. Shares of Kratos Defense and Security Solutions Inc (KTOS) were sold from the ARKQ fund.

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