Some ARK Invest exchange-traded funds run by ETF star Cathie Wood made huge purchases on Wednesday. Altogether, these funds bought over 425,000 shares of UiPath Inc. (NYSE: PATH), as the price of these ETFs dropped around 1% for the day. Note that these funds are still up handily in the past year.
ARK Autonomous Technology & Robotics ETF (NYSEARCA: ARKQ) bought 89,424 shares of UiPath, and ARK Innovation ETF (NYSEARCA: ARKK) bought 152,245 shares, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 185,692 shares. At Wednesday’s closing price, this would have valued these purchases at roughly $29.0 million. Even though this is a small fraction of their total holdings, every little bit counts. ARKQ and ARKK are up more than 80% in the past year, but ARKW less so.
Check out all of ARK Invest’s buys for Wednesday:
Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and non-voting shareholder of 24/7 Wall St.