Cathie Wood-led Ark Invest Dives Into Pinterest Stock Amid Q4 Turbulence: Purchases Over $23M Worth

In a significant move on Monday, Cathie Wood-led Ark Invest made headlines with its substantial investment in Pinterest Inc PINS, purchasing over $23 million worth of shares. This bold decision comes amidst Pinterest’s recent Q4 earnings report, which presented a mixed financial picture but showed promising user growth.

The Pinterest Trade

Ark purchased 653,913 shares of Pinterest on Monday. The transaction was valued at $23.2 million. For the day, Pinterest shares closed 3.69% lower at $35.51.

Ark Invest’s decision to significantly increase its stake in Pinterest by buying shares across ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF underscores a strategic bet on the social media company’s growth prospects. Despite Pinterest’s Q4 revenue miss and an EPS beat, the firm’s user base expanded by 11%, signaling potential for future revenue growth.

Last week, Ark Invest bought nearly 990,000 Pinterest shares valued at $40.3 million across various ETFs. This purchase coincides with Pinterest’s reported fourth-quarter results, indicating Ark’s confidence in its long-term prospects, especially after its Amazon partnership, which is expected to bolster revenue.

See Also: Cathie Wood Blasts Delaware Court’s Move To Rescind Elon Musk’s $56B Tesla Pay As Un-American

Other Key Trades:

• Archer Aviation Inc ACHR saw a significant buy from Ark, with 455,217 shares purchased, indicating a strong belief in the future of air mobility. The transactions were valued at $2.54 million and were made through the flagship ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, and ARK Space Exploration & Innovation ETF ARKX.
• Twilio Inc TWLO and Zoom Video Communications ZM were among the notable sells, suggesting a strategic shift or reallocation within Ark’s portfolio.
• The investment in 10X Genomics Inc TXG and Pacific Biosciences of Calif PACB reflects Ark’s ongoing interest in cutting-edge biotechnology firms.

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