SPOT - Cathie Wood's Ark Invest Keeps Shedding Shopify Nvidia Shares Loads Up On Spotify Stock | Benzinga
On Tuesday, Cathie Wood-led Ark Invest made notable trades, with a significant move to offload shares of Shopify Inc (NYSE:SHOP) and Nvidia Corp (NASDAQ:NVDA), while ramping up its position in Spotify Technology SA (NYSE:SPOT). This comes amid recent market dynamics and strategic shifts in Ark’s investment approach.
The Shopify Trade: In a strategic move, Ark Invest decided to offload shares of Shopify Inc (NYSE:SHOP) to the tune of $14.3 million. through ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW). The transaction value was based on the stock’s Tuesday closing price of $159.32.
The decision to sell Shopify shares comes despite the recent introduction of Amazon's “Buy with Prime” app for Shopify merchants, which had previously led to a rally in Shopify's stock price. However, Ark Invest’s recent trading behavior indicates a pattern of selling Shopify shares, suggesting a potential shift in their investment strategy towards the e-commerce platform.
The Nvidia Trade: Ark Invest sold 4,080 shares of Nvidia through ARK Genomic ...