Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made million-dollar bets in the artificial intelligence (AI) and robotics sectors on July 17. The ace hedge fund manager’s largest trade of the day was a $7.8 million purchase of Teradyne (TER), a designer and manufacturer of automated test equipment (ATE) and industrial robotics.
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Additionally, Wood bought Nvidia (NVDA) stock worth $1.8 million and Advanced Micro Devices (AMD) stock worth $798,400. ARK funds also added shares of Caris Life Sciences (CAI) and L3Harris Technologies (LHX).
On the sell side, Wood’s largest sell trade for the day was $3.3 million worth of Rocket Lab USA (RKLB) stock. She appears to be capitalizing on the recent rally in the aerospace company’s shares, which have surged more than 30% over the past five trading sessions. ARK funds had also sold $2.7 million worth of RKLB stock on July 16.
Notably, Wood also sold $2.5 million worth of Meta Platforms (META) shares, reflecting her decreasing interest in the social media sector.
Wood Is Loading Up on Teradyne Stock
Wood appears to be leveraging a “buy the dip” opportunity in Teradyne, as its shares have declined over the past couple of trading sessions. JPMorgan analyst Samik Chatterjee recently downgraded Teradyne stock to a Hold from Buy, citing uncertainty regarding customer capital deployment in semiconductor equipment projects. Year-to-date, TER stock has lost 26.1% due to similar macroeconomic headwinds.
Yesterday, the ARK Innovation ETF (ARKK) added approximately 84,000 shares of Teradyne, raising its holdings to a total of $113.1 million. Following this purchase, TER is now the 16th largest position in the ARKK fund, with a 1.59% weighting.
According to TipRanks, TER stock has a Moderate Buy consensus rating based on eight Buys, two Holds, and three Sell ratings. Also, the average Teradyne price target of $95.58 implies 3% upside potential from current levels.
