ARK Invest CEO Cathie Wood shed 3.47M shares of UiPath (PATH), the global robotic process automation software firm. Wood sold her shares across all six of her actively managed exchange traded funds on Thursday per her voluntary daily trade disclosures.
The bulk of the move came from ARK Innovation ETF (NYSEARCA:ARKK) which unloaded 1.94M shares. Coming in second and third were the ARK Genomic Revolution ETF (BATS:ARKG) and ARK Next Generation Internet ETF (NYSEARCA:ARKW), as ARKG sold 577.7K shares and ARKW dropped 384.3K shares.
Continuing the unloading of PATH came from ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX) which sold 262.9K shares, 239.8K shares, and 68.5K shares, respectively.
Wood dumped her shares as PATH gapped down on Thursday with a huge 25.7% downside move. Moreover, the stock has performed subpar from basically day one as it is down 67% from its IPO date of Apr. 21, 2021, almost one year ago. Furthermore, in 2022 alone, PATH has plummeted 50.7%. See a lifetime chart below.
From a weighting stance, ARKQ has the largest position in PATH at 5.04%, making it the ETFs fourth most significant holding.
Moreover, PATH is ARKF’s eleventh largest holding at 4.10%, and ARKK’s 13th largest holding at 3.14%.
ARKW also has a weighting of 2.74% making it the fund’s 14th largest position, ARKX has a 2.34% weighting in PATH, making it the 17th largest position, and ARKG has a 1.90% weighting of PATH making it the funds 20th most significant weighting.
While PATH has plunged, it hasn’t stopped Wood’s ETFs from rallying of late. In fact, ARKK has tripled the recent rally of the S&P 500 over the past couple of weeks.