Cathie Wood-led Ark Investment Management bought over 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: 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 ARKK and the ARK Next Generation Internet ETF 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 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 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 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 CMIIU
- Zymergen Inc ZY
- 908 Devices MASS
- Recursion Pharmaceuticals RXRX
- Ionis Pharmaceuticals Inc IONS
- Iridium Communications IRDM
- 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
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.