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Cathie Wood Sells Tesla Shares To Buy The Dips In Alibaba, Paypal

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Cathie Wood Sells Tesla Shares To Buy The Dips In Alibaba, Paypal

Several of the strong performing Ark ETFS from Cathie Wood bought shares of two underperforming stocks on Tuesday. 

What Happened: Shares of Alibaba Group Holding (NYSE: BABA) were down 8% Tuesday after the Ant Group IPO was pulled in China. Alibaba owns over 30% of Ant Group. 

Paypal Holdings Inc (NASDAQ: PYPL) shares were down 4% Tuesday after reporting third-quarter earnings.

The Ark Fintech Innovation ETF (NYSE: ARKF) bought 9,443 shares of Alibaba and 23,285 shares of Paypal on Tuesday.

The Ark Innovation ETF (NYSE: ARKK) bought 538,871 shares of Paypal. 

The Ark Next Generation Internet ETF (NYSE: ARKW) bought 116,504 shares of Paypal and 29,683 shares of Alibaba.

Related Link: Cathie Wood Increases Teladoc Holdings Across Ark ETFs

Why It’s Important: The purchases by all three ETFs represented around 1% of total assets for each fund.

Ark Innovation and Ark Next Generation made sizable sales of Tesla Inc (NASDAQ: TSLA) shares on Tuesday. Both ETFs sold around 0.65% of total fund assets that were attributed to the electric vehicle company. Tesla shares are up over 400% in 2020.

Paypal and Alibaba are top 10 holdings in the Fintech Innovation ETF. Paypal became a new holding in the Ark Innovation ETF.

Price Action: Alibaba shares are up 3% Wednesday. Paypal shares are trading 8% higher Wednesday.

Photo credit: Andy Mitchell, Flickr

 

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