Cathie Wood-led Ark Investment Management on Monday bought more shares of Pinduoduo Inc PDD and JD.com Inc JD — rivals to Alibaba Group Holding BABA in the e-commerce and online groceries space in China.
Wood's firm has been piling up shares of Alibaba rivals, some of which now account for a better part of its holdings compared to the Jack Ma-led company whose shares have slumped over 20% since October 2020 over troubles with the Chinese government.
The investment firm bought 126,988 shares of Chinese e-commerce giant Pinduoduo on Monday, estimated to be worth about $16.9 million as of the day's close.
Shares of Pinduoduo closed 0.37% lower at $133.43 on Monday.
The Ark Fintech Innovation ETF ARKF made the trade on Monday. ARKF held a total of 573,550 PDD shares worth about $76.8 million and representing 1.85% weight of the ETF, ahead of Monday’s trade.
The Shanghai-based company is known to be China's largest agriculture-based platform and had last year launched Duo Duo Grocery, a next-day grocery pickup service. Farmers list their fruits and vegetables for direct sale to consumers.
See also: How To Buy Alibaba Stock
The New York-based hedge fund also bought 143,481 shares, worth about $11.2 million, in JD.com. The Autonomous Technology & Robotics ETF ARKQ and the Space Exploration & Innovation ETF ARKX made the trades.
JD.com shares closed 0.44% lower at $77.02 on Monday and were down 0.42% in after-hours trading.
The Beijing-headquartered company runs one of the two massive B2C online retailers in China and is a major competitor to Alibaba-run Tmall.
Ark also piled up on mobile games platform company Skillz Inc SKLZ — buying 720,962 shares worth about $11.9 million. Skillz shares closed 5.71% lower at $16.52.
Wood has been buying the stock on dips and is bullish on the company despite a recent negative short seller report on its business model.
See Also: Why Cathie Wood Is Bullish On Skillz?
Other Ark Buys On Monday:
- StoneCo Ltd STNE
- Recursion Pharmaceuticals RXRX
- Repare Therapeutics Inc RPTX
- UiPath Inc PATH
- Zymergen Inc ZY
- CM Life Sciences II Inc CMIIU
- Ionis Pharmaceuticals Inc IONS
- Iridium Communications IRDM
- Twitter Inc TWTR
- Beam Therapeutics Inc BEAM
- Vuzix Corp VUZI
- Unity Software Inc U
- Galileo Acquisitions Corp GLEO
- 3D Systems Corp DDD
- Tencent Holdings Ltd TCEHY
- Fastly Inc FSLY
- Roblox Corp RBLX
Other Ark Sells On Monday:
- Intercontinental Exchange Inc ICE
- Thermo Fisher Scientific Inc TMO
- Roche Holding Ag RHHBY
- Regeneron Pharmaceuticals Inc REGN
- Pluristem Therapeutics PSTI
- Pure Storage Inc PSTG
- Novartis Ag NV
- Phreesia PHR
- PACCAR PCAR
- Baidu Inc BIDU
- Teledyne Technologies Inc TDY
- Trade Desk Inc TTD
- Roku Inc ROKU
- Silvergate Capital SI
- Agora Inc API
- Adyen NV ADYEY
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.