Cathie Wood Adds $56M In Zoom As Shares Plunge; Pfizer, Robinhood And These Are Other Key Trades

Cathie Wood-led Ark Invest on Tuesday rushed to buy shares in Zoom Video Communications Inc ZM on the day shares of the video calling company plunged over concerns of business' growth slowing as businesses and schools reopen.

The popular investment firm bought 194,080 Zoom shares — estimated to be worth about $56.19 million. ZM shares closed 16.7% lower at $289.50 on Tuesday.

The New York-based investment firm bought shares in Zoom via the Ark Innovation ETF ARKK and the Ark Next Generation ETF ARKW. No other ETF holds shares in Zoom.

The video calling company is among Wood’s bets that have done well amid the rise in remote work and learning induced by the COVID-19 pandemic last year.

See Also: 5 Zoom Video Analysts Break Down Q2 Earnings: 'Growth Engine Has To Shift'

The two ETFs held 3.38 million shares, worth $1.18 billion, ahead of Tuesday's trade. 

Zoom is the sixth-largest holding in ARKK, behind Tesla Inc TSLA and Teladoc Health Inc TDOC among others in a portfolio of 46 stocks.

Here are some of the other key trades for Ark on Tuesday:

Snapped up 260,084 shares — estimated to be worth about $11.53 million — in Robinhood Markets Inc HOOD on the day its shares closed 1.56% higher at $44.32. 

Bought 86,248 shares — estimated to be worth about $3.97 million — in Pfizer Inc (NYSE:  PFE) on the dip. Shares of the pharma company closed 1.48% lower at $46.07 on Tuesday.

Bought 18,544 shares  — estimated to be worth about $2.68 million — in Teladoc Health. Shares of the telemedicine company closed marginally higher at $144.42 on Tuesday.

Sold 58,259 shares  — estimated to be worth about $13 million — in NVIDIA Corp NVDA. Shares of the semiconductor company closed 1.32% lower at $223.85 on Tuesday.

See Also: Cathie Wood Doubles Down On Teladoc, Spotify, Shopify As Stocks See Earnings-Related Dips