TWST - Cathie Wood's Ark Invest Purchases Over $30M of Shopify Shares Amid Q1 Numbers-Driven Plunge; Adds Reddit Shares To Kitty — Offloads Coinbase Stock As Bitcoin Declines | Benzinga
On Wednesday, Cathie Wood’s Ark Invest made some significant trades. The most prominent among these were the purchases of Shopify Inc (NYSE:SHOP) and Reddit Inc (NYSE:RDDT), and the selling off of Coinbase Global Inc (NASDAQ:COIN) shares.
The Shopify Trade
Ark Invest’s Ark Fintech Innovation ETF (NYSE:ARKF), ARK Innovation ETF (NYSE:ARKK), and ARK Next Generation Internet ETF (NYSE: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 ...