fbpx
QQQ
+ 7.05
312.29
+ 2.21%
DIA
+ 4.00
336.23
+ 1.18%
SPY
+ 6.32
403.85
+ 1.54%
TLT
+ 1.27
134.54
+ 0.94%
GLD
+ 1.54
169.61
+ 0.9%

Why Cathie Wood Bought $72.4M In Twitter As Stock Tanked Post Earnings-Report

May 2, 2021 11:57 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Why Cathie Wood Bought $72.4M In Twitter As Stock Tanked Post Earnings-Report

Cathie Wood-led Ark Investment Management bought over 1.3 million shares, worth about $72.42 million, in Twitter Inc (NYSE: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: 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.  

The investment firm bought the shares of the San Francisco-based company via two of its funds; the Ark Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW).

See also: How to Buy Twitter (TWTR) Stock

Twitter is ARKK's thirty-fourth largest investment among a total of 58 stocks and ARKW's 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.

“Given the recent product announcements centered around Twitter Spaces, a live audio feature, we believe that future user growth could surprise to the upside,” Ark said in a note to investors over the weekend.

Other Trades: Ark Investment Management continued to snap up Teladoc Health Inc (NYSE:TDOC), buying a total of 261,041 shares worth about $44.99 million on Friday in the telemedicine company, via the Ark Genomic Revolution ETF (BATS: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, of the Chinese e-commerce giant Pinduoduo Inc (NASDAQ:PDD) amid reports of China’s 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 (NASDAQ:CMIIU)
  • Zymergen Inc (NASDAQ:ZY)
  • 908 Devices (NASDAQ:MASS
  • Recursion Pharmaceuticals (NASDAQ:RXRX)
  • Ionis Pharmaceuticals Inc (NASDAQ:IONS)
  • Iridium Communications (NASDAQ:IRDM
  • Jaws Spitfire Acquisition (NYSE:SPFR)
  • Galileo Acquisitions Corp (NYSE:GLEO)
  • 3D Systems Corp (NYSE:DDD)
  • Tencent Holdings Ltd (OTC:TCEHY)

Other Ark Sells On Friday:

  • Phreesia (NYSE:PHR)
  • Pluristem Therapeutics (NASDAQ:PSTI)
  • Pure Storage Inc (NYSE:PSTG)
  • PACCAR (NASDAQ:PCAR)
  • Roku Inc (NASDAQ:ROKU)
  • Sea Ltd (NYSE:SE)
  • Teradyne Inc (NASDAQ:TER)
  • Organovo Holdings Inc (NASDAQ:ONVO)
  • Zillow Group (NASDAQ:ZG)
  • Nvidia Corp (NASDAQ:NVDA)
  • Silvergate Capital (NYSE:SI)
  • Agora Inc (NASDAQ:API)
  • PayPal Inc (NASDAQ:PYPL)
  • LendingTree Inc (NASDAQ:TREE)


Related Articles

Cathie Wood Loads Up $34.5M Worth Of Tesla As Shares Retreat Post Q1 Earnings Report

Cathie Wood-led Ark Investment Management bought 49,755 shares, worth about $34.55 million, in Tesla Inc (NASDAQ: TSLA) on Wednesday as the stock dipped in the aftermath of the electric vehicle maker reporting earnings for the first quarter. read more

Benzinga's Small Cap Movers for Monday March 4, 2013

Benzinga's Small Cap Movers for Monday February 11, 2013

Top Performing Dividend Payers in Tech with the Most Upside Potential (ATNI, LDR, LOGI)