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Cathie Wood Continues Selling Shopify, Buys $10.3M Worth Of Stock In This Fintech Company

Published 07/05/2023, 15:05
Updated 07/05/2023, 16:10
© Reuters. Cathie Wood Continues Selling Shopify, Buys $10.3M Worth Of Stock In This Fintech Company

Benzinga - Cathie Wood's Ark Invest made a couple of high-value transactions on Friday amid a strong market rebound.

Shopify Stake Shrunk: Ark Invest sold Shopify, Inc. (NYSE:SHOP) for a second straight day on Friday, daily trade information from the fund showed. The stock was on a tear during the two sessions, capitalizing on a strong earnings performance and cost-savings measures announced by the Canadian e-commerce retailers.

Here's how much each of the firm's exchange-traded funds sold on Friday:

Ark Innovation ETF (NYSE:ARKK): 468,882 shares

Ark Next Generation Internet ETF (NYSE:ARKW): 77,105 shares

Ark Fintech Innovation ETF (NYSE:ARKF): 53,961 shares

Ark's cumulative Shopify sales on Friday amounted to 599,948 shares, valued at $37.21 million based on Friday's closing price of $62.03, according to Benzinga Pro data.

Block Buy: Jack Dorsey-led fintech company Block, Inc. (NYSE:SQ) came under selling pressure on Friday, following the release of the quarterly results. Unperturbed by the negative sentiment, Ark was a big buyer of the company on Friday.

The Details:

ARKK: 421,625 shares

ARKW: 73,222 shares

ARKF: 49,430 shares

In total, Ark bought 173,423 shares of Block on Friday, valued at $10.3 million based on the closing price of $59.25.

Ark was a heavy buyer of Block throughout March and stepped up purchases, even amid a short-seller report that revealed in late March that the company had misled investors on key metrics.

Read Next: Block Beats Q1 Earnings Estimates, Tops Revenue Forecasts, Shares Jump

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Read the original article on Benzinga

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