ZM - Cathie Wood's Ark Invest Buys Over $25M Worth Of Roku Shares Amid Dip — Sells Crypto-Related Coinbase Robinhood Stocks | Benzinga
In a significant move on Tuesday, Cathie Wood-led Ark Invest made headlines by purchasing shares of Roku Inc (NASDAQ:ROKU) worth more than $25 million. This strategic acquisition comes amid a tumultuous period for Roku.
The Roku Trade
On Tuesday, Ark Invest purchased 383,483 shares across ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $25.8 million. Roku shares closed 6.6% lower at $67.25 for the day.
Ark Invest’s substantial investment in Roku underscores a strong belief in the company’s long-term value, despite recent market volatility. Analysts have rallied behind Roku, citing an “almost perfect quarter” that failed to buoy the stock as expected.
Roku shares fell due to a decline in fourth-quarter user spending and disappointing guidance for the first quarter. Despite this, Ark Invest increased its investment in Roku last week, buying 1,492,781 shares worth $107.48 million. Roku is the third-largest holding in Ark’s flagship ETF, ARKK.
The Coinbase Trade
Following the Roku narrative, Ark’s trading activity also highlighted adjustments in other high-profile holdings like cryptocurrency trading platforms Coinbase Global Inc ...