Cathie Wood's Ark Invest Isn't Done Selling Shares Of Jack Dorsey-Led Block Yet — Sheds $7.5M Worth of Stock As Bitcoin Price Drops
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest sold $7.5M worth of Block Inc (SQ) shares through its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) amid a Bitcoin price drop. This follows a previous sale of $8.95M in Block shares. Additionally, Ark Invest made trades in Moderna (MRNA), Personalis (PSNL), Twilio (TWLO), and Unity Software (U).
March 20, 2024 | 4:29 am
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Ark Invest sold $7.5M worth of Block Inc shares amid a Bitcoin price drop.
The sale of Block Inc shares by Ark Invest could signal a lack of confidence in the company's short-term prospects, especially given its ties to the cryptocurrency market. This may lead to a negative short-term impact on SQ's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest sold shares of Twilio Inc.
Selling TWLO shares could reflect Ark Invest's negative outlook or strategic reallocation, potentially leading to a short-term decrease in Twilio's stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
ARKK sold Block Inc shares as part of the transaction.
While the sale of SQ shares through ARKK might indicate portfolio adjustments, it's unclear how this will directly impact ARKK's performance short-term, given its diversified nature.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
ARKW participated in the sale of Block Inc shares.
Similar to ARKK, ARKW's sale of SQ shares reflects portfolio management decisions. The direct impact on ARKW's short-term performance is uncertain due to its diversified investment strategy.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ark Invest purchased shares of Moderna Inc.
Ark Invest's purchase of MRNA shares could indicate a positive outlook on the company's future, potentially leading to a short-term increase in its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest added shares of Personalis Inc to its portfolio.
The acquisition of PSNL shares by Ark Invest suggests a bullish stance on the company's prospects, which may positively affect its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Invest purchased shares of Unity Software Inc.
The investment in Unity Software indicates Ark Invest's positive view on U's future, likely leading to a short-term uptick in its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80