Cathie Wood's Monday Moves: $4.8M Spotify Stock Sale Meets $4.7M Pinterest Shopping Spree

On Monday, Cathie Wood’s Ark Invest made significant moves in its portfolio, notably involving Spotify Technology SA SPOT and Pinterest Inc. PINS.

The Spotify Trade

Ark Invest’s Ark Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW ETFs offloaded shares of Spotify Technology SA SPOT. The ARKF ETF sold 2,408 shares, while the ARKW ETF sold a more substantial 7,614 shares. Based on Spotify’s closing price of $480.27 on the day of the trade, the total value of the sold shares amounts to approximately $4.8 million.

This move comes days after Spotify’s recent launch of Spotify for Authors, a new set of tools aimed at authors and publishers who distribute their audiobooks on its platform. Furthermore, a surge in options activity was observed for Spotify, indicating a bullish stance from investors with significant capital.

The Pinterest Trade

Conversely, Ark Invest’s ARKF and ARKW ETFs bought shares of Pinterest Inc PINS. The ARKF ETF purchased 37,519 shares, and the ARKW ETF acquired a whopping 118,619 shares. Given Pinterest’s closing price of $30.43 on the day of the trade, the total value of the purchased shares is approximately $4.7 million.

This purchase follows Pinterest’s third-quarter earnings report, which revealed a revenue beat, an EPS miss, and soft guidance. Despite the mixed results, Pinterest’s investments in AI appear to be paying off, with total revenue up 18% YoY and global monthly active users increasing by 11% YoY.

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Other Key Trades:

• Wood’s Ark purchased 4,012 shares of Advanced Micro Devices, Inc. AMD for its ARKF fund. The transaction was valued at $569,944.
• ARKG sold stock of Senti Biosciences Inc (SNTI) and shares of Butterfly Network Inc (BFLY)
• ARKG bought shares of Absci Corp (ABSI) and shares of Pacific Biosciences of California Inc (PACB). ARKX sold shares of Garmin Ltd (GRMN).

Image via Benzinga YouTube and Unsplash

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal