ZM - Cathie Wood-led Ark Invest Dives Into Pinterest Stock Amid Q4 Turbulence: Purchases Over $23M Worth | Benzinga
In a significant move on Monday, Cathie Wood-led Ark Invest made headlines with its substantial investment in Pinterest Inc (NYSE: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 (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE: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 ...