Cathie Wood Sells $11M In PayPal And Loads Up On This Rival Fintech Stock Instead

Cathie Wood-led Ark Invest on Tuesday lowered its exposure in PayPal Holdings Inc (NASDAQ: PYPL) on the day shares of the payments company rose.

Shares of Paypal closed 2% higher at $260.15 a share on Tuesday. The stock has a 52-week high of $310.16 a share and has risen 12.2% so far this year. 

The popular money manager sold PayPal shares via the Ark Next Generation Internet ETF (NYSE: ARKW) on Tuesday. Ark Invest also owns shares in PayPal via the Ark Fintech Innovation ETF (NYSE: ARKF).

The two ETFs held 703,933 shares — worth $179.5 million — in PayPal ahead of Tuesday’s trade. 

See Also: Cathie Wood's Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku

Here are some of the other key trades for Ark on Tuesday:

• Bought 35,194 shares — estimated to be worth $8.3 million — in Jack Dorsey-led Square Inc (NYSE: SQ). Shares of the payment company closed 4.3% higher at $235.98 a share on Tuesday. 
• Sold 26,237 shares — estimated to be worth $1.67 million — in BYD Co (OTC: BYDDY). Shares of the Chinese automaker closed 3.72% higher at $63.63 a share on Tuesday.
• Bought 151,697 shares — estimated to be worth $6.37 million — in Robinhood Markets Inc (NASDAQ: HOOD) on the day shares closed 2.64% higher at $42.01 a share.