Cathie Wood-led Ark Invest on Thursday piled up yet more shares in the Pinduoduo Inc PDD, its third straight buy in the agriculture-focused tech platform after months of trimming its exposure in the Chinese company.
The popular money managing firm bought 59,300 shares — estimated to be worth $5.68 million — in Pinduoduo via the Ark Fintech Innovation ETF ARKF.
PDD shares, which have fallen 46% so far this year, closed 2% lower at $95.86 on Thursday.
Including the latest buy, ARKF has piled up 145,124 shares in three straight trades this week alone.
The New York-based investment firm had in early August sold all the shares that it held in Pinduoduo via the Ark Next Generation Internet ETF ARKW while still retaining shares via ARKF.
Ahead of Thursday’s trade, ARKF held 499,887 shares — worth $48.9 million — in Pinduoduo. Besides ARKF, no other ETF currently holds shares in the company.
Here are some of the other key trades for Ark on Thursday:
- Bought 173,579 shares — estimated to be worth about $8.22 million — in Pfizer Inc (NYSE: PFE) on the dip. Shares of the pharma company closed 0.27% lower at $47.38 on Thursday.
- Snapped up 7,054 shares — estimated to be worth $1.75 million — in Coinbase Global Inc COIN on the dip. Shares of the cryptocurrency exchange company closed 3.21% lower at $248.54 on Thursday.
- Sold 21,732 shares — estimated to be worth about $5.69 million— in Jack Dorsey-led Square Inc SQ. Square shares slipped 2% on Thursday to close at $262.13.
- Sold 131 shares — estimated to be worth about $372,362 — Alphabet Inc Class C GOOG on the day shares closed 0.58% lower at $2,842.46.
- Shed 46,900 shares — estimated to be worth about $7.75 million — in Alibaba Group Holding BABA on the day when shares closed 2.28% lower at $165.24.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
