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Cathie Wood Piles Up Shares In Alibaba, Rival Pinduoduo, Trims Snapchat, Pinterest

June 23, 2021 1:18 am
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Cathie Wood Piles Up Shares In Alibaba, Rival Pinduoduo, Trims Snapchat, Pinterest

Cathie Wood-led Ark Investment Management on Monday snapped up 35,022 shares, estimated to be worth about $7.39 million, in Alibaba Group Holding (NYSE:BABA).

Shares of Alibaba closed 0.46% lower at $211.06 on Monday.

See Also: Alibaba's Ant Secures Regulatory Approval For Consumer Finance Firm In China

The New York-based investment firm deployed Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) and Ark Space Exploration & Innovation ETF (BATS:ARKX) to buy the shares. Ark also holds shares of the Jack Ma-led company via Ark Fintech Innovation ETF (NYSE:ARKF).

See Also: Cathie Wood Buys Another $6.3M In Alibaba Rival JD And Sells $17M In Netflix

The investment firm also snapped up 95,137 shares in Alibaba rival Pinduoduo Inc (NASDAQ:PDD), estimated to be worth about $11.49 million.

Pinduoduo shares closed 3.3% lower at $120.78 on Monday.

Ark deployed ARKF to buy the shares of Pinduoduo. The investment firm also holds shares of the company via the Ark Next Generation Internet ETF (NYSE:ARKW).

The Shanghai-based company is known to be China's largest agriculture-based platform and had last year launched Duo Duo Grocery, a next-day grocery pickup service. Farmers list their fruits and vegetables for direct sale to consumers.

See Also: Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba Rivals

The New York-based investment firm sold 360,507 shares, estimated to be worth about $22.93 million in Snapchat parent Snap Inc (NYSE:SNAP) on the day shares of the social media company fell.

Snap shares closed 0.7% lower at $63.60 on Monday.

Wood’s firm sold the shares in Snap via ARKF and also holds shares of the social media company via ARKW.

See Also: Cathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify

The popular investment firm sold 321,235 shares, estimated to be worth about $22.85 million, in the social media company Pinterest Inc (NYSE:PINS).

Pinterest shares closed 4% lower at $71.14 on Monday. Ark sold the shares of the social media company via ARKF, no other ETF holds shares of the company.

Some of the other key Ark sells on Monday include NXP Semiconductors NV (NASDAQ:NXPI) and buys include Roblox Corp (NYSE:RBLX)

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