Cathie Wood’s ARK ETFs made some notable trades on Tuesday, including the additional purchase of GitLab (GTLB) stock and the sale of UiPath (PATH), SoFi Technologies (SOFI), and Roku (ROKU) shares. The purchase of GTLB stock came in as it surged about 12% yesterday, with the developer tools software maker reporting market-beating Q4 FY25 earnings.
Cathie Wood Bets on GitLab Stock
On Tuesday, ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) purchased 94,524 GitLab shares for a consideration of about $5.32 million. This significant purchase by the ARKK and ARKW ETFs reflects optimism about the software development company’s growth potential. In the Q4 press release, GitLab’s CFO Brian Robins highlighted that the company achieved 29% revenue growth in the fourth quarter of FY25, along with meaningful operating margin expansion. He added that the company’s DevSecOps platform is seeing significant demand from its enterprise customers
The ARK ETFs have been accumulating a significant number of GitLab shares since December 2024, including the purchase of about 291,000 shares on January 6 and over 162,000 shares on January 7.
Aside from GitLab, the ARKW ETF also bought 106,033 shares worth $0.88 million of sports data and technology company Genius Sports (GENI).
Is GTLB a Good Stock to Buy?
Like Wood, Wall Street is also bullish on GitLab stock, with a Strong Buy consensus rating based on 21 Buys and three Hold recommendations. The average GTLB stock price target of $79 implies about 26% upside potential.
ARK ETFs Sell PATH, SOFI, and ROKU Stocks
Wood’s ARK ETFs trimmed their positions in some prominent stocks on Tuesday. Notably, ARKK, Autonomous Technology & Robotics ETF (ARKQ), and ARKW ETFs sold 558,280 shares of automation software provider UiPath for $6.56 million.
Additionally, the ARKW ETF sold 51,009 shares of the streaming device company Roku Inc. for $4.09 million. Further, the ARK Innovation Fintech ETF (ARKF) offloaded 75,613 shares of the fintech company and digital bank SoFi Technologies for $1.03 million. This transaction followed the sale of 430,483 SOFI shares at about $6 million on February 25.
Looking at the ratings for these stocks with the help of TipRanks’ Stock Comparison Tool, we find that while Wall Street is cautiously optimistic on ROKU stock, it is sidelined on PATH and SOFI stocks.
