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Tesla Inc (NASDAQ:TSLA) bull Cathie Wood-led Ark Invest on Tuesday raised its exposure in cloud-based software firm Monday.com Ltd (NASDAQ: MNDY) on the dip, the only trade by the popular money manager ahead of a key Federal Reserve rate hike decision.
St. Petersburg, Florida-based Ark Invest bought 2,041 shares, estimated to be worth $263,595, in Monday.com.
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Shares of the company closed 3.1% lower at $129.15 on Tuesday and are down 57% year-to-date.
Ark Invest owns shares in the cloud-based work management software company via the Ark Next Generation Internet ETF (NYSE:ARKW).
ARKW held 219,465 shares, worth $29.25 million, in Monday.com, before Tuesday’s trade.
The firm makes some heavy-duty trades in companies such as Tesla, Coinbase Global Inc (NASDAQ:COIN), and others on daily basis. Ark could be taking a cautious approach ahead of the key Federal Reserve interest rate-hike decision.
The U.S. Fed is expected to hike rates between 25 and 50 basis points on Wednesday. Some Fed officials, such as St. Louis Fed President James Bullard, expect a 75 basis points hike is warranted.
Photo courtesy: Monday.com
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.