Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Shares of San Francisco-based DocuSign, Inc. (NASDAQ:DOCU), a SaaS provider of digital signatures and approvals, tanked over 40% Friday following the release of its quarterly results.
What Happened: Undeterred by the steep sell-off, Cathie Wood's Ark Invest bulked up on DocuSign, using the weakness as a buying opportunity.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Wood's ARK Innovation ETF (NYSE:ARKK) picked up 461,662 shares of the company, her ARK Next Generation Internet ETF (NYSE:ARKW) purchased another 178,334 shares and the ARK Fintech Innovation ETF (NYSE:ARKF) bought 106,968 shares.
The total number of DocuSign shares bought by Ark's actively-managed funds was 746,964, valued at about $31.2 million at Friday's closing price of $41.77 a share.
Related Link: DocuSign Plummets 40%: A Technical Breakdown
Why It's Important: Friday's plunge is attributable to a billings miss by the company and a slew of downgrades and price target revisions by sell-side analysts that followed.
The company's management talked about a shift in demand as pandemic tailwinds dissipated.
Ark, however, is optimistic. "We believe the transition from paper to digital agreements is enduring and expect growth to re-accelerate in the long-term as management refocuses go-to-market efforts," the fund said in a stock report.
DocuSign closed Friday's session down 42.22% at $135.09 and were seen slipping an incremental 0.77% in after-hours trading.
Related Link: Is It Time To Buy DocuSign Stock Following Q3 Results? Stephanie Link Weighs In
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.