Cathie Wood Sells $55M In Square After Earnings Report, Trims $15M In Snapchat And Buys $1.2M In Amazon

Cathie Wood-led Ark Invest on Monday rushed to book profit in Square Inc SQ as the shares of the company skyrocketed after the second-quarter earnings result and the $29 billion Afterpay acquisition. 

The popular money manager’s investment management firm shed 202,094 shares, estimated to be worth about $55 million.

Shares of Square closed 10.16% higher at $272.38 on Monday. 

Ark Invest deployed both Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW to sell Square shares on Monday. The investment firm also holds a stake in Square via the Ark Fintech Innovation ETF ARKF.

Together, the three ETFs held about 7.05 million shares, worth $1.74 billion, in Square ahead of Monday’s trade.

See Also: Shorts Get Slammed After Square Stock Skyrockets On Q2 Earnings, Afterpay Acquisition

The company, founded by Twitter Inc TWTR CEO Jack Dorsey in 2009, reported earnings per share of 66 cents that handily beat the analyst estimate of 30 cents. Square also said it had agreed to purchase Australian buy-now, pay-later company Afterpay in an all-stock deal valued at $29 billion.

The New York-based investment firm also shed 199,300 shares, estimated to be worth about $14.65 million, in Snapchat parent Snap Inc SNAP, on the day shares of the company fell.

Snap shares closed 1.24% lower at $73.50 on Monday.

Wood’s firm shed the shares in Snap via the Ark Fintech Innovation ETF ARKF, lowering its stake in the ETF by almost 21% on Monday.

ARKF held about 933,953 shares, worth $69.5 million, in the social media company that ranks twentieth among a total of 44 stocks in the fintech innovation ETF. 

See Also: Cathie Wood Offloads $9.3M In Snapchat, Buys $32M In Etsy

Ark also holds shares in Snap via the Ark Next Generation Internet ETF ARKW.  

Together, the two ETFs held 1.77 million shares, worth $131.7 million, in Snap ahead of Monday’s trade. No other Ark ETF holds a stake in the company.

Related Link: How to Buy Square (SQ) Stock

Ark Invest also bought 373 shares, estimated to be worth about $1.24 million, in e-commerce giant Amazon.com Inc AMZN via the Ark Space Exploration & Innovation ETF ARKX.

Amazon shares closed 0.12% higher at $3,331.48 on Monday.

Ark Invest also holds a position in Amazon via ARKF and together the two ETFs held 17,205 shares, worth $57.25 million ahead of Monday’s trade.

See Also: Cathie Wood Sells $3M In Amazon A Day Ahead Of Jeff Bezos' Flight To Space

Some of the other key Ark Invest sells on Monday included Nvidia Corp. NVDATencent Holdings TCEHY and Pure Storage Inc PSTG and buys included Quantum-Si Inc QSI.

Posted In: ARK Investment ManagementCathie Woode-commercepaymentsSnapChatLong IdeasNewsSector ETFsBroad U.S. Equity ETFsSmall CapTrading IdeasETFs

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