Cathie Wood, the influential leader at Ark Invest, made headlines as the firm offloaded almost $4 million worth of Nvidia Corp NVDA shares despite the stock’s ongoing rally post robust fourth-quarter earnings and optimistic analyst forecasts.
Nvidia’s Surging Momentum
The company sold 5,067 Nvidia shares through ARK Next Generation Internet ETF ARKW, totaling $3.98 million. Nvidia shares saw a 16.4% surge to $785.38 during the regular session on Thursday, with an additional 1.7% gain in after-hours trading. Year-to-date, shares have ascended by 58.6%, and over the past 12 months, the gains amount to an impressive 231.9%.
Ark Invest’s decision to sell Nvidia shares has sparked curiosity, given the company’s recent financial performance and the optimistic outlook highlighted by numerous analysts. Nvidia surpassed revenue expectations in the fourth quarter and provided a robust first-quarter guidance, signaling sustained growth in the AI sector.
Echoing this sentiment, seven analysts further emphasized Nvidia’s enduring momentum in AI technologies.
Exploring Further: Time To Dive Into Cathie Wood’s Portfolio Stocks? Ark Founder Says They’ve Corrected Tremendously
Other Notable Trades
- Roku Inc ROKU: Ark Invest bolstered its stake in ROKU, acquiring 239,868 shares across multiple ETFs.
- Coinbase Global Inc COIN: In a strategic move, Ark Invest trimmed its holdings by selling 2,828 shares, reflecting a cautious approach amidst the volatile cryptocurrency market landscape.
- Robinhood Markets Inc HOOD: Ark divested 37,312 shares, signaling a reassessment of its investment in the fintech space, possibly due to evolving market conditions or company-specific factors.
- Teladoc Inc TDOC: Ark significantly reduced its exposure by selling shares from multiple ETFs.
Photo via Shutterstock
Read Next: Cathie Wood’s Ark Rose To Prominence with Tesla Bet in 2020, But Did ARKK Miss Out Big On Other ‘Magnificent 7’ Opportunities?
