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Cathie Wood’s ARK Invest piles into UiPath, trims Tesla

imageStock Markets11 minutes ago (Apr 22, 2021 06:40AM ET)

(C) Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen in Bern

(Reuters) – Cathie Wood’s ARK Invest snapped up shares of automation software provider UiPath Inc in its strong stock market debut on Wednesday, while trimming some holdings in Tesla (NASDAQ:TSLA).

UiPath’s shares surged 23.2% in their New York Stock Exchange debut, underscoring investors’ appetite for high-growth tech stocks.

ARK Invest’s data showed the firm’s exchange traded funds bought a total of about 2.7 million shares, about a third of the day’s traded volume.

The ARK Next Generation Internet ETF and the ARK Innovation ETF also bought a total of 247,717 shares of crypto exchange Coinbase Global Inc, which went public last week. The Innovation ETF sold 163,981 shares in Tesla, the data showed.

Wood has long been a proponent of Tesla, arguing in favor of the company’s disruptive vision and its adoption of bitcoin.

Refinitiv Eikon’s latest data lists ARK Investment Management as a top-20 shareholder of the electric carmaker, which has a market capitalization of more than $700 billion.

Cathie Wood’s ARK Invest piles into UiPath, trims Tesla

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