Benzinga - by Shanthi Rexaline, Benzinga Editor.
Cathie Wood’s Ark Invest picked up huge chunk of shares in social commerce company Pinterest, Inc. (NYSE:PINS) and dumped more of crypto-linked stocks on Friday, daily trade disclosure from the firm showed.
Bulking Up On Pinterest: Ark, through its flagship Ark Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF), bought 572,445 shares of Pinterest. The purchase would have cost Ark $21.39 million, based on Pinterest’s Friday’s closing price of $37.37.
Ahead of Friday’s accumulation, Pinterest was part of ARKF, with the actively-managed fund holding 534,280 Class A shares of the company, which accounted for 1.79% weighting of the index. Pinterest was ARKF’s 17th biggest holding.
Pinterest shares have gained about 53% for the year amid a number of efficiency measures the company rolled out in response to the inclement economic environment. It has announced two rounds of layoffs since December 2022 and reduced office space in a bid to trim costs. In late October, the company reported better-than-expected third-quarter results as it weathered an ad spending slowdown fairly better than rivals.
Crypto-linked Disposals Continue: The Wood-founded firm sold more shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) and Grayscale Bitcoin Trust (OTC:GBTC). GBTC is a digital currency investment product that makes Bitcoin (CRYPTO: BTC) available to individual and institutional investors.
The firm’s divestments in these were as follows:
- Coinbase: 18,962 shares valued at $2.80 million
- GBTC: 12,000 units, valued at $409,200
Ark’s flagship ETF, the ARRK, settled Friday’s session down 1.75% at $51.11, according to Benzinga Pro data.
Read Next: Cathie Wood’s Ark Invest Says Tesla’s Cybertruck A ‘Marketing Machine’ — Foresees Potential Beyond Price Tag
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