TWST - Cathie Wood Trims Nvidia Shopify Stakes To Pump Whopping $40M Into Pinterest Despite Q4 Revenue Miss | Benzinga
On Thursday, Cathie Wood-led Ark Invest purchased over $40 million worth of shares in Pinterest Inc (NYSE:PINS), despite the social media platform’s recent fourth-quarter earnings miss.
The Pinterest Trade
The firm purchased 989,792 shares of Pinterest, worth $40.3 million, on Thursday through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). On the day, Pinterest shares closed 0.27% lower at $40.72. In the after-hours trading, the stock declined another 9.23%.
Ark Invest’s acquisition of Pinterest shares comes at a time when the company reported a fourth-quarter revenue miss, yet showed an 11% increase in monthly active users. This move by Ark Invest may signal a strong belief in Pinterest’s long-term potential, especially considering the recent partnership with Amazon, which analysts believe could significantly boost its revenue streams.
The Shopify Trade
Ark Invest sold 108,457 Shopify shares via ARKK, ARKW, and ARKF. The transaction was valued at $9.5 million. On Thursday, Shopify shares closed at $87.87.
Ark Invest’s decision to sell shares of Shopify Inc (NYSE:SHOP) comes after a period of volatility for the company, as detailed in a recent Benzinga report. The shares experienced a sell-off in ...