Thursday, May 23, 2024

Cathie Wood-Led Ark Invest Continues Shopping For Shopify Stock, Sells $15M Worth Of Jack Dorsey’s Block Shares Amid Bitcoin Price Drop – Shopify (NYSE:SHOP), Block (NYSE:SQ)

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On Tuesday, Cathie Wood’s Ark Invest made some significant trades, notably buying shares of Shopify Inc SHOP and selling off Block Inc SQ stocks.

The Shopify Trade

Ark Invest’s ETFs, including Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK, and ARK Next Generation Internet ETF ARKW, purchased a total of 105,034 shares of Shopify. The move came after Shopify’s first-quarter earnings report, which was released earlier in the month. The trade was valued at approximately $6.09 million, based on Shopify’s closing price of $58.03 on Tuesday.

Notably, this is the second day in running that Ark Invest has piled on Shopify shares. On Monday, the Wood-led firm added shares worth $18 million to its portfolio.

The Block Inc Trade

On the same day, Ark Invest sold a total of 210,591 shares of Block across its ARKF, ARKK, and ARKW ETFs. The trade was valued at approximately $15 million, based on the Jack Dorsey-led company’s closing price of $71.20 on Tuesday.

See Also: ‘Big Short’ Fame Investor Expects Elon Musk’s Tesla Shares To Plunge 70%: ‘People Are Going To Start To L

Block had recently reported its first-quarter financial results, which beat the analyst consensus estimate. The company’s shares rose after the announcement. For more details on Block’s first-quarter earnings and strategic Bitcoin BTC/USD investment, refer to this Benzinga report.

On Tuesday, Bitcoin prices dipped, failing to hold on to gains from the previous day, after wholesale inflation data came in higher than expected.

Other Key Trades:

  • Ark Invest bought shares of Roblox Corp (RBLX) and shares of Intellia Therapeutics Inc (NTLA).
  • The firm sold shares of Velo3D Inc (VLD) and shares of Kratos Defense and Security Solutions Inc (KTOS).
  • Ark Invest also bought stock of Iridium Communications Inc (IRDM).

Read Next: GameStop Shares Surge As ‘Roaring Kitty’ Resurfaces After 3-Year Silence


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