Ark Invest sold some of its stake in home-health technology and services provider Signify Health after a 30% rally on buyout rumors. Cathie Wood dumped more than one million shares of Signify in her flagship fund Ark Innovation ETF on Monday, according to Ark Invest’s daily trading information. The Dallas-based home health care provider jumped 32% after Bloomberg News reported UnitedHealth, Amazon, CVS Health and Option Care Health were competing to acquire the health provider. Signify’s stock enjoyed its biggest one-day rally since going public in February 2021. Wood’s sales Monday might have been worth nearly $30 million based on Signify’s closing price of $28 a share. Even after Monday’s sales, ARKK still owns about 8.5 million shares of Signify. The health care company is the 16th biggest holding in Wood’s 35-stock Innovation ETF, according to Ark Invest’s website. Signify held a board meeting Monday to discuss the bids, Bloomberg reported, citing people familiar with the matter. Wood seemed to use the cash from the Signify sale to fund other purchases in her fund, including Ginkgo Bioworks , Exact Sciences and Teladoc. Wood’s disruptive technology darlings have been among the biggest losers this year in the face of rising interest rates, but they have been rebounding along with the broader market since the second quarter lows. Ark Innovation ETF is up nearly 25% from its 52-week low reached in May. Tesla , ARKK’s biggest holding, has bounced back 40% from its recent low. Still, ARKK is down about 53% this year.
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