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

FILE PHOTO: The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann

(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.

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.

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