27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Cathie Wood-led Ark Investment Management on Wednesday bulked up on the shares of video game developer Roblox Corp (NYSE:RBLX), which reported disappointing results earlier this week.
What Happened: Ark bought 191,503 shares of Roblox, valued at over $9 million, via three of its exchange-traded funds (ETFs), the firm's disclosure showed. Roblox is the 16th largest holding in the firm’s flagship Ark Innovation ETF (NYSE:ARKK), with a weight of 2.80%.
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!
Roblox shares closed Wednesday's session higher despite the disappointing second-quarter results the company reported Tuesday after the close. Following the results, Morgan Stanley analyst raised the price target for the stock from $25 to $32, while maintaining the rating at Equal-Weight. Over the past month, the stock has gained about 25%.
Ark Sheds Block Shares: Ark, through two of its ETFs, sold 195,618 shares of financial services and digital payments company Block Inc (NYSE:SQ) valued at over $17 million. Block is the fourth largest holding of Ark Innovation ETF with a weight of 4.89%. The ETF currently holds over 5.6 million shares of the firm valued at over $498.3 million.
Block is led by Bitcoin (CRYPTO: BTC) bull Jack Dorsey and the entrepreneur has frequently highlighted a Bitcoin-centric future for the fintech company.
Ark sold $75 million worth of Coinbase Global, Inc. (NASDAQ:COIN), another crypto-linked stock, late last month after the U.S. Securities and Exchange Commission alleged the cryptocurrency exchange listed unregistered securities. The decision to sell Coinbase shares is due to the regulatory uncertainty in the crypto industry, Ark founder Wood recently said in an interview with Bloomberg.
Other Buys: Ark's other purchases on Wednesday include Twilio Inc (NYSE:TWLO) and Pacific Biosciences of California Inc (NASDAQ:PACB).
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.