TLDR
- ARK Invest bought 54,815 Tesla shares worth ~$21.9 million on Thursday
- ARK held ~3.29 million SpaceX shares by June 12, the day of its IPO
- SpaceX stock dropped 5% Wednesday and 3.6% Thursday to $185, after rising as high as $225.64
- ARK sold 721,279 Roku shares worth ~$99 million
- ARK also bought 223,690 Snowflake shares worth ~$52.4 million
Cathie Wood’s ARK Invest bought back into Tesla on Thursday after selling shares the week before. The move came shortly after ARK made a large investment in SpaceX during its IPO.
ARK added 54,815 Tesla shares across two funds on June 18. The purchase was spread between the ARK Innovation ETF and the ARK Next Generation Internet ETF, totaling around $21.9 million at Tesla’s closing price of $400.49.
Tesla remains the top holding in ARK Innovation, making up 9.7% of the fund. It is the second-largest holding in ARK Next Generation Internet at 8.6%.
The Tesla buy came after ARK trimmed its position the week before. That selling appeared to make room for SpaceX, which went public on June 12.
ARK’s SpaceX Position
ARK held roughly 3.29 million SpaceX shares by the end of June 12, spread across several of its ETFs. It is not known whether those shares came through IPO allocation or open-market purchases, or at what price ARK paid.
SpaceX had a strong start after pricing its IPO at $135. Shares climbed as high as $225.64, a gain of 67%. But the stock then fell 5% on Wednesday and another 3.6% on Thursday, closing at $185.
ARK’s Chief Futurist Brett Winton wrote this week that SpaceX could compete at the frontier of AI, using orbital servers to offer lower-cost compute capacity compared to land-based rivals.
Wood has said she sees Tesla as more than an electric vehicle company. ARK’s focus is on robo-taxis, robotics, and energy storage. The firm has a price target of $2,600 for Tesla by 2029.
Roku Sold, Snowflake Added
The most-traded stock in ARK’s Thursday activity was Roku. ARK sold 721,279 shares for around $99 million. This continued a pattern of reducing the Roku position over recent days.
On the buying side, ARK also picked up 223,690 shares of Snowflake for around $52.4 million. That purchase reflects continued confidence in the cloud data company.
In biotech, ARK added shares of Eli Lilly, Generate Biomedicines, and Alamar Biosciences. It sold shares of Strata Critical Medical, Twist Bioscience, and Baidu.
The trades show ARK shifting weight away from Roku and toward Tesla, SpaceX, and Snowflake.
SpaceX ended its first week of trading below its intraday high but still well above its IPO price. ARK’s position makes it one of the larger institutional holders of the newly public stock.
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