On Tuesday, Cathie Wood’s Ark Invest stayed active in a volatile tech tape, adding to several headline growth names while trimming others. The most notable move was another broad push into SpaceX (NASDAQ:SPCX), followed by sizable trades in Tesla Inc. (NASDAQ:TSLA), Nvidia Corp. (NASDAQ:NVDA), Amazon.com Inc. (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOGL).
The SpaceX Trade
Ark Invest continued buying SpaceX stock on Tuesday. The firm added shares across several ETFs as the stock of the Elon Musk-led company came under pressure, with Benzinga reporting that SpaceX had fallen more than 5% on Tuesday amid post-IPO weakness and lockup-related selling concerns.
The transactions were made through ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Next Generation Internet ETF (BATS:ARKW) and ARK Space & Defense Innovation ETF (BATS:ARKX). Wood purchased 105,108 SpaceX shares worth $12.2 million, based on the stock’s closing price of $116.41.
The timing of the purchase also came amid renewed debate over the company’s valuation. In a separate Benzinga piece, investor Gary Black argued that investors are misreading the math behind both Tesla and SpaceX, while Ross Gerber said the pullback could create a buying opportunity. Ark’s move suggests the firm remains willing to add on weakness.
