This article first appeared on GuruFocus.
Cathie Wood’s ARK funds reallocated several positions on Nov. 5, buying into beaten-down Pinterest (NYSE:PINS) and trimming stakes across streaming, fintech and biotech ETFs.
ARK Invest bought about 521,867 shares of Pinterest, valued at roughly $13.44 million, after the social platform’s stock plunged following a weak earnings outlook.
The ARK Genomic Revolution ETF (ARKG) added 33,823 shares of Guardant Health (NASDAQ:GH) for about $3.21 million, while ARK Innovation ETF (ARKK) sold 105,576 shares of Roku (NASDAQ:ROKU) worth roughly $11.16 million.
ARK funds also reduced exposure to Robinhood Markets (NASDAQ:HOOD), selling 56,095 shares for about $7.99 million, and the ARK Next Generation Fintech ETF (ARKW) offloaded 11,989 shares of Reddit (RDDT) for approximately $2.35 million.
Other moves included the ARK Fintech Innovation ETF (ARKF) selling 60,808 shares of SoFi Technologies (SOFI) for about $1.83 million and ARKG trimming 87,072 shares of Adaptive Biotechnologies (NASDAQ:ADPT) for near $1.53 million. Funds also pared stakes in Incyte Corp. (NASDAQ:INCY) and Ionis Pharmaceuticals (IONS), and trimmed positions in Teradyne (NASDAQ:TER), Rocket Lab (RBLB) and AeroVironment (NASDAQ:AVAV).
The trades suggest ARK is rebalancing risk while selectively buying into a sharp pullback in Pinterest.
