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Cathie Wood Loads Up More On Alibaba Rivals Pinduoduo, JD — Also Adds Skillz

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Cathie Wood Loads Up More On Alibaba Rivals Pinduoduo, JD — Also Adds Skillz

Cathie Wood-led Ark Investment Management on Monday bought more shares of Pinduoduo Inc (NASDAQ: PDD) and JD.com Inc (NASDAQ: JD) — rivals to Alibaba Group Holding (NYSE: 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.

See Also: Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba Rivals

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 (NYSE: 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 (BATS: ARKQ) and the Space Exploration & Innovation ETF (BATS: 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 (NYSE: 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 (NASDAQ: STNE)
  • Recursion Pharmaceuticals (NASDAQ: RXRX)
  • Repare Therapeutics Inc (NASDAQ: RPTX)
  • UiPath Inc (NYSE: PATH)
  • Zymergen Inc (NASDAQ: ZY)
  • CM Life Sciences II Inc (NASDAQ: CMIIU)
  • Ionis Pharmaceuticals Inc (NASDAQ: IONS)
  • Iridium Communications (NASDAQ: IRDM
  • Twitter Inc (NYSE: TWTR)
  • Beam Therapeutics Inc (NASDAQ: BEAM)
  • Vuzix Corp (NASDAQ: VUZI)
  • Unity Software Inc (NYSE: U)
  • Galileo Acquisitions Corp (NYSE: GLEO)
  • 3D Systems Corp (NYSE: DDD)
  • Tencent Holdings Ltd (OTC: TCEHY)
  • Fastly Inc (NYSE: FSLY)
  • Roblox Corp (NYSE: RBLX)

Other Ark Sells On Monday:

  • Intercontinental Exchange Inc (NYSE: ICE)
  • Thermo Fisher Scientific Inc (NYSE: TMO)
  • Roche Holding Ag (OTC: RHHBY)
  • Regeneron Pharmaceuticals Inc (NASDAQ: REGN)
  • Pluristem Therapeutics (NASDAQ: PSTI)
  • Pure Storage Inc (NYSE: PSTG)
  • Novartis Ag (NYSE: NV)
  • Phreesia (NYSE: PHR)
  • PACCAR (NASDAQ: PCAR)
  • Baidu Inc (NASDAQ: BIDU)
  • Teledyne Technologies Inc (NYSE: TDY)
  • Trade Desk Inc (NASDAQ: TTD)
  • Roku Inc (NASDAQ: ROKU)
  • Silvergate Capital (NYSE: SI)
  • Agora Inc (NASDAQ: API)
  • Adyen NV (OTC: ADYEY)

 

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