Cathie Wood-led Ark Invest on Friday snapped up yet more shares in Pinduoduo Inc PDD, its fourth straight-session buy in the agriculture-focused tech platform.
Ark Invest bought 62,767 shares — estimated to be worth $5.94 million — in Pinduoduo via the Ark Fintech Innovation ETF ARKF.
Shares of the Chinese e-commerce platform jumped 22% on Tuesday after the company reported its first-ever quarterly profit. Pinduoduo shares closed 1.28% lower at $94.63 on Friday.
Including the latest buy, ARKF piled up 207,891 shares in four straight trades last week.
Ahead of Friday’s trade, ARKF held 558,101 shares — worth $53.5 million — in Pinduoduo. Besides ARKF, no other ETF currently holds PDD shares.
The popular investment firm, which has been shedding shares in China’s Alibaba Group Holdings BABA but buying JD.com Inc JD, had earlier this month sold all the shares that it held in Pinduoduo via the Ark Next Generation Internet ETF ARKW.
Here are some of the other key trades for Ark on Friday:
- Bought 351,289 shares — estimated to be worth about $16.37 million — in Pfizer Inc (NYSE: PFE) on the dip. Shares of the pharma company closed 1.65% lower at $46.60 on Friday.
- Shed 13,593 shares — estimated to be worth about $2.17 million — in Alibaba, on the day when shares of the e-commerce giant closed 3.49% lower at $159.47.
- Bought 38,130 shares — estimated to be worth about $2.9 million — in JD.com. Shares of the company closed 0.79% lower at $76.43 on Friday.
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