Cathie Wood Amasses $25.4M Worth Of Social Media Giant Meta But Dumps This Crypto-Linked Stock
Portfolio Pulse from Shanthi Rexaline
Ark Invest, led by Cathie Wood, purchased $25.44 million worth of Meta Platforms Inc. (META) shares, while selling shares of Coinbase Global Inc. (COIN). The firm also bought shares of Robinhood Markets Inc. (HOOD). The transactions were made through Ark's ETFs ARKK, ARKW, and ARKF. Meta has been performing well in 2023, overcoming challenges faced in 2022, and is the second-best performer among S&P 500 companies this year.
July 15, 2023 | 2:53 am
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NEGATIVE IMPACT
Ark Invest sold shares of Coinbase Global Inc. (COIN).
The sale of Coinbase shares by Ark Invest suggests a negative outlook for the company in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ark Invest transacted in ARKF for buying Robinhood shares and selling Coinbase shares.
The transactions in ARKF do not indicate a clear direction for the ETF's short-term performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ark Invest transacted in ARKW for buying Meta and Robinhood shares and selling Coinbase shares.
The transactions in ARKW do not indicate a clear direction for the ETF's short-term performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark's flagship ETF ARKK closed Friday's session at $48.57, up 2.14%. The ETF has gained about 56% this year.
The positive performance of ARKK indicates a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ark Invest bought shares of Robinhood Markets Inc. (HOOD).
The purchase of Robinhood shares by Ark Invest indicates a positive outlook for the company in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest bought $25.44 million worth of Meta shares. Meta has been performing well in 2023, overcoming challenges faced in 2022.
The purchase of Meta shares by Ark Invest indicates a positive outlook for the company. Meta's strong performance in 2023 also suggests a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100