Cathie Wood Scooped Up $17M Worth Of Zoom Shares On A Day They Fell 8%
Portfolio Pulse from Bhavik Nair
Cathie Wood's ARK Investment Management purchased over 267,000 Zoom Video Communications shares worth $17.5 million, increasing its stake in the company. The purchase was made through the ARK Innovation ETF and the ARK Next Generation Internet ETF. This comes as Zoom's stock fell 8% following its earnings announcement and a broader Nasdaq sell-off.
May 24, 2023 | 2:32 am
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POSITIVE IMPACT
ARK Investment Management increased its stake in Zoom through the ARK Innovation ETF. Zoom is the second largest holding of the ARK Innovation ETF with a weight of 7.76%.
The increased stake in Zoom through the ARK Innovation ETF could lead to a short-term positive impact on the ETF's performance as investors may view this as a sign of confidence in Zoom's growth potential.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
ARK Investment Management increased its stake in Zoom through the ARK Next Generation Internet ETF.
The increased stake in Zoom through the ARK Next Generation Internet ETF could lead to a short-term positive impact on the ETF's performance as investors may view this as a sign of confidence in Zoom's growth potential.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
ARK Investment Management purchased over 267,000 Zoom shares worth $17.5 million, increasing its stake in the company. Zoom's stock fell 8% following its earnings announcement and a broader Nasdaq sell-off.
Cathie Wood's ARK Investment Management's purchase of Zoom shares signals confidence in the company's future growth potential despite the recent stock price decline. This could lead to a short-term positive impact on Zoom's stock price as investors may follow ARK's lead.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
ARK Investment Management sold over 36,000 shares of sports betting company DraftKings at an estimated valuation of over $878,000.
ARK Investment Management's sale of DraftKings shares could signal a lack of confidence in the company's short-term growth potential, which may lead to a negative impact on DraftKings' stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50