Cathie Wood Snapped Up More Shares In Zoom And This Gaming Company On Thursday's Dip

Cathie Wood-led Ark Investment Management scooped up more shares of social gaming platform Roblox Corp RBLX and videoconferencing developer Zoom Video Communications Inc ZM following a dip on Thursday.

The popular money manager bought 506,738 Roblox shares, estimated to be worth $22.9 million based on their last close, boosting its exposure by 10%.  Roblox closed 6.6% lower at $45.2 a share on Thursday and is down 54.2% this year.

Ark Invest holds shares in Roblox via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW. The two ETFs held 4.35 million shares — worth $210.8 million — in Roblox, before Thursday’s trade.

See Also: Cathie Wood Loads Up $24.5M In Roblox As The Gaming Company's Stock Crashes

St. Petersburg, Florida-based Ark Invest has since mid-February been piling up shares in Roblox, which had plummeted following worse-than-expected fourth-quarter results.

“Having paid $500 million to its young developer community and continuing to lower barriers to creation with Roblox Studio, Roblox should continue to increase its share of the developer and gamer communities,” Wood had said in a note. 

Roblox operates a free online platform with millions of games and other entertainment experiences made by its own users who are young game creators.

The company has been on Wood’s radar since its public listing in March last year. The popular stock picker has been betting on tech-focused innovation stocks and tends to buy shares in companies on the dip. 

See Also: Cathie Wood Trims Ark Disney Stake By 58% On Wednesday

Here are a few other key Ark Invest trades on Thursday:

  • Bought 171,250 shares —estimated to be worth $19.3 million— in Zoom Video, boosting Ark Invest's exposure by 2.3%.
  • The stock closed 6.99% at $113.11 a share.

Posted In: ARK InvestCathie Woodsocial gamesvideo conferencingvideo gamesNewsSector ETFsShort IdeasTrading IdeasETFs

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.