Cathie Wood's ARK Invest Keeps Buying AVAV Shares Amid Strong Run
Cathie Wood's ARK Invest continued its buying spree in AeroVironment (AVAV) shares for the second consecutive day, adding another 9,037 shares to its position. The company reported record fiscal first-quarter 2027 revenue of $480.5 million last week, driven by demand for autonomous systems and counter-UAS technology.
ARK's purchase of AVAV shares comes after Jefferies lowered the firm's price target on AeroVironment to $204 from $229, but maintained a 'Buy' rating. The reduction was due to lower peer multiples, according to the note to investors.
Meanwhile, ARK Invest trimmed its position in Alphabet (GOOGL) for the second straight day, selling 93 shares in the ARK Innovation ETF (ARKK). This comes at a time when Google is making changes to how its engineers use artificial intelligence coding tools, and has invested up to $40 billion in Anthropic.
Other notable trades from ARK include buying 9,070 Guardant Health shares in the ARK Genomic Revolution ETF (ARKG), selling positions in Teledyne Technologies and Iridium Communications, and trimming Alphabet shares across various funds.