Cathie Wood-led Ark Investment Management on Thursday snapped up 32,807 shares, estimated to be worth about $11.85 million, in Zoom Video Communications Inc ZM.
Shares of the video calling company closed 2.39% higher at $361.39 on Thursday.
Doubling Down On Zoom: The popular ETF money managing firm bought the shares of Zoom via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETFARKW. No other Ark Invest ETF holds shares of Zoom.
Zoom is stepping up efforts to boost presence in phone calling services as it looks to diversify beyond video-calling. The San Jose, California-based Zoom is among Wood’s bets that have done well amid the rush to work and learn from home during the pandemic last year.
Together the two ETFs held 3.5 million shares, worth $1.24 billion, in Zoom ahead of Thursday’s trades.
Divesting From China: Wood has been gradually shedding stakes in Chinese tech companies Tencent Holdings TCEHY and JD.com Inc JD, which are rivals to Alibaba Group Holding Ltd’s BABA.
The New York-based investment firm sold 11,900 shares, estimated to be worth about $828,716, in Tencent via five of its six active ETFs.
Tencent shares closed 0.36% lower at $69.64 on Thursday.
The investment firm deployed ARKK to sell Tencent shares on Thursday and nearly exited the entire stake from the innovation ETF.
The five ETFs held a total of 4.87 million shares, worth $355 million, in Tencent ahead of Thursday’s trade.
Ark Invest also shed 7,186 shares, estimated to be worth about $545,849, in JD.com Inc JD.
JD shares closed 0.28% lower at $75.91 on Thursday.
Ark Invest holds shares in JD.com via four of its six active ETFs but deployed the Ark Space Exploration & Innovation ETF ARKX to sell the shares. After Thursday’s trade, ARKX has nearly sold all the shares that it held in JD.com.
Ahead of Thursday’s trade, the four ETFs held 5.36 million, worth $404 million in JD.com.
Some of the other key buys on Thursday included Quantum-Si Inc QSI and DraftKings Inc DKNG and sells included Raven Industries Inc RAVN.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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.