Cathie Wood-Led Ark Invest Continues Shopping For Shopify Stock, Sells $15M Worth Of Jack Dorsey's Block Shares Amid Bitcoin Price Drop
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest made significant trades, buying Shopify shares and selling Block shares. Ark's ETFs purchased 105,034 shares of Shopify valued at $6.09 million and sold 210,591 shares of Block valued at $15 million. The trades follow Shopify's Q1 earnings report and Block's Q1 financial results.
May 15, 2024 | 2:46 am
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NEGATIVE IMPACT
Ark Invest sold 210,591 shares of Block valued at $15 million despite Block's Q1 financial results beating analyst estimates.
The sale of a substantial number of Block shares by Ark Invest, despite positive Q1 results, suggests a lack of confidence in the stock's short-term performance, likely leading to a negative short-term impact on Block's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
Ark Fintech Innovation ETF (ARKF) participated in the trades, buying Shopify shares and selling Block shares.
ARKF's involvement in both buying Shopify and selling Block shares reflects a reallocation of assets within the ETF, with a neutral short-term impact on ARKF itself.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
ARK Innovation ETF (ARKK) participated in the trades, buying Shopify shares and selling Block shares.
ARKK's involvement in both buying Shopify and selling Block shares reflects a reallocation of assets within the ETF, with a neutral short-term impact on ARKK itself.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
ARK Next Generation Internet ETF (ARKW) participated in the trades, buying Shopify shares and selling Block shares.
ARKW's involvement in both buying Shopify and selling Block shares reflects a reallocation of assets within the ETF, with a neutral short-term impact on ARKW itself.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Ark Invest purchased 105,034 shares of Shopify valued at $6.09 million following Shopify's Q1 earnings report.
The purchase of a significant number of Shopify shares by Ark Invest indicates strong confidence in the company's future performance, likely leading to a positive short-term impact on Shopify's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100