Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, purchased 133,191 shares of SoFi Technologies Inc (NASDAQ:SOFI) worth $1.2 million, despite Morgan Stanley's recent downgrade of the company. The purchase was made through Ark Fintech Innovation ETF (NYSE:ARKF). Ark Invest's ARK Genomic Revolution ETF (BATS:ARKG) also bought 25,078 shares of Accolade Inc (NASDAQ:ACCD) and sold 916 shares of Surface Oncology Inc (NASDAQ:SURF).
July 28, 2023 | 1:43 am
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NEGATIVE IMPACT
ARK Genomic Revolution ETF sold 916 shares of Surface Oncology Inc.
The sale of SURF shares by ARKG could potentially decrease investor confidence in Surface Oncology Inc, leading to a short-term decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
ARK Genomic Revolution ETF bought 25,078 shares of Accolade Inc and sold 916 shares of Surface Oncology Inc.
The purchase of ACCD shares and sale of SURF shares by ARKG could potentially impact the ETF's value, but the overall effect is uncertain due to the mixed nature of the transactions.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
ARK Genomic Revolution ETF bought 25,078 shares of Accolade Inc.
The purchase of ACCD shares by ARKG could potentially boost investor confidence in Accolade Inc, leading to a short-term increase in the stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Ark Fintech Innovation ETF purchased 133,191 shares of SoFi Technologies.
The purchase of SoFi shares by ARKF could potentially increase the ETF's value in the short term, especially if the stock price of SoFi increases.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest purchased 133,191 shares of SoFi Technologies despite a recent downgrade by Morgan Stanley.
The purchase by Ark Invest could potentially boost investor confidence in SoFi, despite the recent downgrade by Morgan Stanley. This could lead to a short-term increase in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100