On Wednesday, Cathie Wood’s Ark Invest made some significant trades. The most prominent among these were the purchases of Shopify Inc SHOP and Reddit Inc RDDT, and the selling off of Coinbase Global Inc COIN shares.
The Shopify Trade
Ark Invest’s Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, and ARK Next Generation Internet ETF 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 BTC/USD 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 GLBE. ARKF also sold shares each of Twilio Inc TWLO and StoneCo Ltd STNE.
- ARKK sold shares of Draftkings Inc DKNG and shares of Twist Bioscience Corp TWST. ARKQ sold shares of AeroVironment Inc AVAV and those of of 2U Inc TWOU but bought stock of Rocket Lab USA Inc RKLB.
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