Cathie Wood's Ark Invest Purchases Over $30M of Shopify Shares Amid Q1 Numbers-Driven Plunge; Adds Reddit Shares To Kitty — Offloads Coinbase Stock As Bitcoin Declines
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest made significant trades, buying shares of Shopify Inc (SHOP) and Reddit Inc (RDDT), and selling Coinbase Global Inc (COIN) shares. The Shopify purchase, valued at $30.24 million, occurred despite an 18.59% plunge in its stock price following Q1 results. Reddit shares were bought for $5.93 million, after reporting strong Q1 results and Q2 guidance. Coinbase shares were sold amid a decline in Bitcoin prices. Other trades included selling shares of Global-E Online Ltd (GLBE), Twilio Inc (TWLO), StoneCo Ltd (STNE), Draftkings Inc (DKNG), Twist Bioscience Corp (TWST), AeroVironment Inc (AVAV), and 2U Inc (TWOU), while buying Rocket Lab USA Inc (RKLB).
May 09, 2024 | 3:54 am
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Ark Invest sold 41,964 shares of Coinbase as Bitcoin prices softened, with Coinbase shares closing 1.46% lower.
The sale of Coinbase shares by Ark Invest amid declining Bitcoin prices suggests a bearish outlook on the cryptocurrency exchange's short-term performance, potentially leading to negative sentiment among investors.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Ark Invest purchased 115,394 shares of Reddit, following strong Q1 financial results and Q2 guidance, leading to a 4.05% increase in its stock price.
The purchase of Reddit shares by Ark Invest after positive financial results suggests confidence in the company's growth trajectory, likely influencing a short-term positive impact on its stock price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 85
POSITIVE IMPACT
Ark Invest bought 482,042 shares of Shopify despite an 18.59% drop in its stock price, following Q1 results showing revenue growth but a significant loss.
The significant investment in Shopify by Ark Invest despite its recent stock price plunge indicates a bullish outlook on the company's long-term potential, potentially leading to a short-term positive sentiment among investors.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90