Cathie Wood’s money managing firm Ark Invest on Tuesday bought 1.11 million shares — estimated to be worth $48.87 million — in Twitter Inc TWTR, piling up more shares on the dip just a day after a big leadership change at the social media company.
Twitter shares closed 4.02% lower at $43.94 a share on Wednesday. The company's stock on Monday rose about 10% but closed down 2.7%.
Twitter CEO Jack Dorsey said on Monday he was stepping down from his role and handing over the reins to Chief Technology Officer Parag Agrawal, with Bret Taylor serving as the chairman of the board.
Dorsey, who co-founded Twitter in 2006, also serves as CEO of payments processing company Square Inc SQ.
Analysts at various brokerages presented a mixed view on the change in leadership.
See Also: Analysts Remain Divided Over Twitter's Management Succession
Wedbush lowered the price target to $52 from $69 on the stock and reiterated a Neutral rating. Jefferies analyst Brent Thill sees the move as a "step in the right direction" but believes "plenty of hurdles to clear" for Twitter to reverse its stock underperformance.
Three Ark Invest ETFs — the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF — bought shares in the company on Tuesday.
Here are a few other key Ark Invest trades from Tuesday:
- Sold 30,034 shares — estimated to be worth $34.38 million — in Tesla Inc TSLA. The Elon Musk-led company’s stock closed 0.68% higher at $1,144.76 a share.
- Sold 158,437 shares — estimated to be worth $49.9 million — in Coinbase Global Inc COIN. Stock closed 1.37% lower at $315 a share.
- Bought 837,248 shares — estimated to be worth $21.72 million — in Robinhood Markets Inc HOOD on the dip. Stock closed 4.17% lower at $25.94 a share.
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