Cathie Wood Sells $11M In PayPal And Loads Up On This Rival Fintech Stock Instead

Cathie Wood-led Ark Invest on Tuesday lowered its exposure in PayPal Holdings Inc PYPL on the day shares of the payments company rose.

Shares of Paypal closed 2% higher at $260.15 a share on Tuesday. The stock has a 52-week high of $310.16 a share and has risen 12.2% so far this year. 

The popular money manager sold PayPal shares via the Ark Next Generation Internet ETF ARKW on Tuesday. Ark Invest also owns shares in PayPal via the Ark Fintech Innovation ETF ARKF.

The two ETFs held 703,933 shares — worth $179.5 million — in PayPal ahead of Tuesday’s trade. 

See Also: Cathie Wood's Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku

Here are some of the other key trades for Ark on Tuesday:

• Bought 35,194 shares — estimated to be worth $8.3 million — in Jack Dorsey-led Square Inc SQ. Shares of the payment company closed 4.3% higher at $235.98 a share on Tuesday. 
• Sold 26,237 shares — estimated to be worth $1.67 million — in BYD Co BYDDY. Shares of the Chinese automaker closed 3.72% higher at $63.63 a share on Tuesday.
• Bought 151,697 shares — estimated to be worth $6.37 million — in Robinhood Markets Inc HOOD on the day shares closed 2.64% higher at $42.01 a share.