Cathie Wood Loads Up on Tesla and SoFi Ahead of Holiday Break, Trims Roku and Biotech Stocks
Complete. Here is the key summaryCathie Wood's ARK Invest significantly increased its holdings in Tesla, SoFi Technologies, and Bullish ahead of the Independence Day holiday. Tesla was the largest purchase, driven by strong Q2 delivery numbers. Conversely, ARK reduced positions in Roku, Twist Bioscience, Strata Critical Medical, and Iridium Communications. These moves reflect a strategic shift towards top tech and growth stocks while trimming other holdings before the long weekend.
Cathie Wood's ARK Invest headed into the Independence Day holiday with another round of major portfolio changes. According to the firm's daily trade disclosure for Thursday, July 2, Wood made Tesla (TSLA) her biggest purchase of the day. She also added to SoFi Technologies (SOFI) and Bullish (BLSH). At the same time, ARK reduced its positions in Roku (ROKU), Twist Bioscience (TWST), Strata Critical Medical (SRTA), and Iridium Communications (IRDM).
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TSLQ: built for a short position on TSLAWood Makes Tesla Her Biggest Buy
Wood bought 96,935 Tesla shares worth about $41.2 million across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Space Exploration & Innovation ETF (ARKX).
The purchase came after Tesla reported stronger-than-expected second-quarter deliveries. The EV maker delivered 480,126 vehicles during the quarter, well above Wall Street estimates of about 406,000. China also remained a bright spot, with Tesla's June wholesale sales rising for an eighth straight month.
Tesla remains Wood's largest holding, and Thursday's purchase shows Wood continues to back the company despite the stock remaining down about 10% this year.
Wood Added SoFi and Bullish Shares
Wood also bought 54,838 SoFi shares worth about $1 million through the ARKK ETF. The purchase follows SoFi's recent launch of a small-business lending platform, expanding the company's financial services business.
ARK also purchased 91,353 shares of Bullish worth about $2.3 million, continuing to build its position in the crypto exchange operator. The firm further added 52,452 shares of X-Energy (XE), along with smaller purchases of Generate Biomedicines (GENB) and Recursion Pharmaceuticals (RXRX).
Wood Trims Roku and Other Growth Stocks
On the selling side, ARK's biggest move was the sale of 180,228 Roku shares worth about $25.3 million across the ARKK, ARKW, and ARK Fintech Innovation ETF (ARKF).
The firm also sold 29,615 Twist Bioscience shares worth about $3 million, 274,932 Strata Critical Medical shares valued at roughly $1.5 million, and 21,842 Iridium Communications shares worth about $1.2 million.
The latest trades show Wood putting more money into her top tech and growth stocks before the long Independence Day weekend.
Which Is the Best Stock, According to Analysts?
We used the TipRanks Stock Comparison Tool to compare these stocks.
According to TipRanks, Recursion Pharmaceuticals offers the highest 12-month upside potential at 94.21%, followed by Bullish at 88.46% and Strata Critical Medical at 69.50%. Meanwhile, analysts see downside of about 26.9% for Twist Bioscience, while Tesla, Roku, and SoFi carry more modest upside expectations.