SHOP - Cathie Wood's Ark Invest Buys Shares Of Nvidia-Rival AMD Continues Its Shopify Share-Buying Spree | Benzinga
On Monday, Cathie Wood’s Ark Invest made some significant trades, with the most notable being the purchase of Shopify Inc (NYSE:SHOP) and Advanced Micro Devices Inc (NASDAQ:AMD) shares.
The Shopify Trade
Ark Invest’s ETFs, including Ark Fintech Innovation ETF (NYSE:ARKF), made a significant move by purchasing a total of 34,060 shares of Shopify. This move came after the company released its first-quarter earnings report earlier in the month. The trade was valued at approximately $2 million, based on Shopify's closing price of $58.91 on the day.
Shopify’s stock plunged after it reported its quarterly results, with the company clocking fiscal first-quarter 2024 revenue growth of 23% year-over-year to $1.86 billion. However, the e-commerce platform company reported a loss of $ 273 million after a profit of $68 million a year ago. Despite the loss, Ark Invest saw potential in the company and made a significant investment earlier in the month.
The AMD Trade
Ark Invest’s ARK Autonomous Technology & Robotics ...