Cathie Wood Adds $33.8M Shares In Shopify, Sells More Square To Pile Up Coinbase
Cathie Wood-led Ark Investment Management on Monday snapped up 28,989 shares of the Canadian e-commerce company Shopify Inc (NYSE:SHOP), worth about $33.8 million, as the stock jumped ahead of its scheduled earnings report later this week.
The investment firm’s Ark Innovation ETF (NYSE:ARKK) bought the shares of the company that closed 6.1% higher at $1,166 on Monday.
The investment firm also sold 70,959 shares of the digital payment company Square Inc (NYSE:SQ) estimated to be worth $18.15 million, as of Monday’s close.
Shopify caters to small and midsize businesses. The firm has two segments — subscription solutions (43% of fiscal 2018 revenue) and merchant solutions (57% of fiscal 2018 revenue).
ARKK holds a total of 5.15 million shares, worth about $1.32 billion, and representing 5.29% of the ETF's weight.
The New York-based hedge fund also bought 76,288 shares of the cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) worth about $23.23 million on the stock’s Monday’s close.
The investment firm's ARK Next Generation Internet ETF (NYSE:ARKW) made the trade. Shares of the company closed 4.44% higher at $304.54 on Monday, giving the cryptocurrency exchange a market cap of $60.66 billion.
Coinbase’s market cap has however climbed down from $85.8 billion on its blockbuster listing earlier this month.
ARKW holds a total of 1,749,240 shares of the cryptocurrency exchange worth about $154.8 million and representing 2.2% of the ETF’s weight.
See Also: Why Cathie Wood Is Bullish On Skillz
Other Ark Buys On Friday:
- UiPath Inc (NYSE:PATH)
- Ionis Pharmaceuticals Inc (NASDAQ:IONS)
- Zymergen Inc (NASDAQ:ZY)
- TuSimple Holdings (NASDAQ:TSP)
- Tencent Holdings (OTC:TCEHY)
- Pinduoduo Inc (NASDAQ:PDD)
- JD.com Inc (NASDAQ:JD)
- Iridium Communications (NASDAQ:IRDM)
- Recursion Pharmaceuticals (NASDAQ:RXRX)
- 908 Devices (NASDAQ:MASS)
- Jaws Spitfire Acquisition (NYSE:SPFR)
- Niu Technologies (NASDAQ:NIU)
Other Ark Sells On Friday:
- Syros Pharmaceuticals (NASDAQ:SYRS)
- Phreesia (NYSE:PHR)
- Pluristem Therapeutics (NASDAQ:PSTI)
- PACCAR (NASDAQ:PCAR)
- Nvidia (NASDAQ:NVDA)
- DocuSign (NASDAQ:DOCU)
- Pure Storage Inc (NYSE:PSTG)
- PayPal Holdings (NASDAQ:PYPL)
- Taiwan Semiconductor Manufacturing Co (NYSE:TSM)
- Xilinx Inc (NASDAQ:XLNX)
- Silvergate Capital (NYSE:SI)
- Agora Inc (NASDAQ:API)
- LendingTree Inc (NASDAQ:TREE)
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.