Cathie Wood-led Ark Investment Management bought overĀ 1.3 million shares, worth about $72.42 million, in Twitter Inc TWTR on Friday as the stock slumped after the social media company reported lower-than-expected user growth in the first quarter.
Why Ark Sees Upside To TWTR:Ā Twitter shares closed 15.16% lower at $55.22 on Friday. The stock has a 52-week high of $80.75 and a low of $27.12.Ā Ā
The investment firm bought the shares of the San Francisco-based company via two of its funds; the Ark Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW.
See also:Ā How to Buy Twitter (TWTR) Stock
Twitter is ARKK'sĀ thirty-fourthĀ largest investment among a total of 58 stocks andĀ ARKW'sĀ eighth largest investment among a total of 53 stocks.
Twitter reported year-over-year revenue growth of 28% to $1.04 billion in the first quarter, lower than peers. The social media company grew its monetizable daily active users (mDAUs) 20% year-over-year to 199 million, just shy of the 200 million expected.
āGiven the recent product announcements centered around Twitter Spaces, a live audio feature, we believe that future user growth could surprise to the upside,ā Ark said in a note to investors over theĀ weekend.
Other Trades:Ā Ark Investment Management continued to snap up Teladoc Health Inc TDOC, buying aĀ total of 261,041 shares worth about $44.99 million on Friday in the telemedicine company, via theĀ Ark Genomic Revolution ETF ARKG, ARKK and the ARKW.
See Also: Cathie Wood Piles Up Teladoc As Shares Slump On Q1 Miss, Also Adds More Tesla
The New York-based investment firm also bought 73,019 shares, via ARKW,Ā of the Chinese e-commerce giant Pinduoduo Inc PDD amid reports of Chinaās fresh regulatory probes against tech giants.
See Also: Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba Rivals
Other Ark Buys On Friday:
- CM Life Sciences II Inc CMIIU
- Zymergen Inc ZY
- 908 Devices MASSĀ
- Recursion Pharmaceuticals RXRX
- Ionis Pharmaceuticals Inc IONS
- Iridium Communications IRDMĀ
- Jaws Spitfire Acquisition SPFR
- Galileo Acquisitions Corp GLEO
- 3D Systems Corp DDD
- Tencent Holdings Ltd TCEHY
Other Ark Sells On Friday:
- Phreesia PHR
- Pluristem Therapeutics PSTI
- Pure Storage Inc PSTG
- PACCAR PCAR
- Roku Inc ROKU
- Sea Ltd SE
- Teradyne Inc TER
- Organovo Holdings Inc ONVO
- Zillow Group ZG
- Nvidia Corp NVDA
- Silvergate Capital SI
- Agora Inc API
- PayPal Inc PYPL
- LendingTree Inc TREE
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