Cathie Wood-led Ark Investment Management scooped up more shares of social gaming platform Roblox Corp (NYSE: RBLX) and videoconferencing developer Zoom Video Communications Inc (NASDAQ: ZM) following a dip on Thursday.
The popular money manager bought 506,738 Roblox shares, estimated to be worth $22.9 million based on their last close, boosting its exposure by 10%. Roblox closed 6.6% lower at $45.2 a share on Thursday and is down 54.2% this year.
Ark Invest holds shares in Roblox via the Ark Innovation ETF (NYSE: ARKK) and the Ark Next Generation Internet ETF (NYSE: ARKW). The two ETFs held 4.35 million shares — worth $210.8 million — in Roblox, before Thursday’s trade.
See Also: Cathie Wood Loads Up $24.5M In Roblox As The Gaming Company's Stock Crashes
St. Petersburg, Florida-based Ark Invest has since mid-February been piling up shares in Roblox, which had plummeted following worse-than-expected fourth-quarter results.
“Having paid $500 million to its young developer community and continuing to lower barriers to creation with Roblox Studio, Roblox should continue to increase its share of the developer and gamer communities,” Wood had said in a note.
Roblox operates a free online platform with millions of games and other entertainment experiences made by its own users who are young game creators.
The company has been on Wood’s radar since its public listing in March last year. The popular stock picker has been betting on tech-focused innovation stocks and tends to buy shares in companies on the dip.
See Also: Cathie Wood Trims Ark Disney Stake By 58% On Wednesday
Here are a few other key Ark Invest trades on Thursday:
- Bought 171,250 shares —estimated to be worth $19.3 million— in Zoom Video, boosting Ark Invest's exposure by 2.3%.
- The stock closed 6.99% at $113.11 a share.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga