Cathie Wood's Ark Invest Purchases Over $30M of Shopify Shares Amid Q1 Numbers-Driven Plunge; Adds Reddit

On Wednesday, Cathie Wood’s Ark Invest made some significant trades. The most prominent among these were the purchases of Shopify Inc (NYSE:SHOP) and Reddit Inc (NYSE:RDDT), and the selling off of Coinbase Global Inc (NASDAQ:COIN) shares.

The Shopify Trade

Ark Invest’s Ark Fintech Innovation ETF (NYSE:ARKF), ARK Innovation ETF (NYSE:ARKK), and ARK Next Generation Internet ETF (NYSE:ARKW) bought a combined total of 482,042 shares of Shopify. The trade was valued at $30.24 million. For the day, Shopify shares plunged 18.59% to $62.73 in the regular session.

This move came despite the company’s stock plunging after it reported its quarterly results. According to a Benzinga report, Shopify’s revenue grew by 23% year-over-year to $1.86 billion, beating the consensus estimate of $1.845 billion. However, the company reported a loss of $(273) million after a profit of $68 million a year ago.

The Reddit Trade

Ark Invest’s ETFs ARKF and ARKW also bought a combined total of 115,394 shares of Reddit. The transaction amounted to $5.93 million. On Wednesday, Reddit shares closed 4.05% higher at $51.40.

The social media platform’s shares soared soon after it reported its first-quarter financial results and gave strong Q2 guidance. Reddit’s quarterly sales were $242.963 million, beating the analyst consensus estimate of $212.83 million by 14.16%.

The Coinbase Trade

Ark Invest’s ETFs ARKF and ARKW sold a total of 41,964 shares of Coinbase Global Inc. The amount of shares purchased was worth $8.89 million. Coinbase shares closed 1.46% lower at $211.20 for the day.

Ark’s move was made amidst a softening Bitcoin (CRYPTO: BTC) price, as reported by Benzinga. Coinbase’s shares closed at $211.2 on Wednesday, marking a decrease of 1.46%.

Other Key Trades:

Ark Invest’s ARKF sold shares of Global-E Online Ltd (NASDAQ:GLBE). ARKF also sold shares each of Twilio Inc (NYSE:TWLO) and StoneCo Ltd (NASDAQ:STNE).
ARKK sold shares of Draftkings Inc (NASDAQ:DKNG) and shares of Twist Bioscience Corp (NASDAQ:TWST). ARKQ sold shares of AeroVironment Inc (NASDAQ:AVAV) and those of of 2U Inc (NASDAQ:TWOU) but bought stock of Rocket Lab USA Inc (NASDAQ:RKLB).

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COINCoinbase Global Inc

ARKFARK Blockchain & Fintech Innovation ETF

$38.09-0.24%

ARKKARK Innovation ETF