Cathie Wood's Ark Invest Buys $12.6M Of Zoom Shares Following Positive Earnings

Ark Invest’s Zoom Trade: On Wednesday, Cathie Wood-led Ark Invest made a significant move by purchasing over $12 million worth of Zoom Video Communications ZM stock. This decision comes in the wake of Zoom’s recent earnings report, which surpassed expectations and hinted at potential growth.

The Zoom Trade: The primary trade by Ark Invest on this day was a substantial investment in Zoom. Ark purchased $12.61 million worth of Zoom shares through its flagship ARK Innovation ETF ARKK and also the ARK Next Generation Internet ETF (NYSE ARKW). The total amount of shares purchased was 197,554. On Wednesday, Zoom shares closed 3.2% lower at $63.83.

Following the company’s Q3 earnings release, which showcased an EPS and revenue beat alongside an upbeat outlook, Ark’s decision to buy Zoom shares seems to be a strategic move. Analysts have varied opinions on Zoom’s future growth, as detailed in Benzinga’s coverage, making this trade particularly noteworthy.

See Also: Cathie Wood Praises Tesla’s Robot Army, AI Data As Legacy Autos Are Pulling Away

Other Key Trades:

• Ark Invest also increased its stake in Teladoc Inc TDOC, buying 10,766 shares for ARK Genomic Revolution ETF ARKG and 48,535 shares for ARKK.
• The firm sold a portion of its holdings in Exact Sciences Corp EXAS, with 503 shares sold from ARKG and 10,781 shares from ARKK.
• Significant sales included Draftkings Inc DKNG and Roku Inc ROKU, with 84,913 and 28,160 shares sold respectively from ARKK.
• Additionally, ARKW sold 36,168 shares of Grayscale Bitcoin Investment Trust GBTC.

Photo courtesy Benzinga YouTube and Unsplash

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