On Tuesday, January 7, 2025, Cathie Wood-led Ark Invest made a significant move by purchasing shares of GitLab Inc.
The GitLab Trade: On Tuesday, Ark Invest executed a substantial purchase of GitLab Inc shares across multiple funds. The ARKK fund acquired 119,779 shares, while ARKW added 42,342 shares. With GitLab’s stock closing at $60.57, the total investment amounted to approximately $9.7 million.
GitLab has been a recurring focus for Ark, as the firm seeks to capitalize on the growth of cloud-based software solutions.
The DevOps company’s shares closed 1.6% lower on Tuesday at $60.57 amid a wider market downturn and the stock has been lackluster with a muted 1.5% growth over the past year as investors look elsewhere with tech stocks in the AI sector.
Other Key Trades:
- Palantir Technologies Inc saw a sell-off with Ark divesting 4,890 shares across ARKF, ARKK, and ARKW.
- Adaptive Biotechnologies Corp experienced a sell of 137,461 shares by ARKG.
- Illumina Inc was a notable buy, with ARKG and ARKK collectively purchasing 5,876 shares, valued at approximately $817,000.
- Pacific Biosciences of California Inc was another target for Ark’s buying spree, with 130,365 shares acquired, amounting to around $260,000.
- Aviation stock Archer Aviation Inc saw a sell-off of 403,033 shares by ARKK.