Cathie Wood’s Ark Invest has recently been increasing bets on its portfolio stocks when they sell off, with the "buying the dip" approach reflecting its confidence in these stocks.
Friday’s Buys: Ark Invest, through its flagship Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW), bought 150,192 shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) on Friday, daily trade information released by the firm showed. The purchase is worth roughly $8.8 million at Coinbase’s Friday’s closing price of $58.44.
Ark has been buying the stock since late October, and the purchase has only accelerated this year. The stock has run up nicely so far this year, despite the sell-off seen in early February after CEO Brian Armstrong raised concerns about a potential regulatory ban on crypto staking. The stock has gained about 65% since the start of the year.
On the other hand, ARKK sold 190,593 shares of sports betting company DraftKings, Inc. (NASDAQ:DKNG), valued at about $3.5 million.
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Other Trades: After being a seller of Unity Software, Inc. (NYSE:U) in December, Ark resumed buying the stock this week. On Friday, it bought 39,363 shares.
The firm, which was selling Nvidia Corp. (NASDAQ:NVDA) since October, picked up 9,628 shares of the graphics processor giant on Friday. The stock rallied about 14% on Thursday in reaction to the company’s quarterly results, but retreated on Friday by 1.60% amid the broader market weakness.
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