Cathie Wood Buys $2M Worth More Of This US Listed Chinese EV Player And Sells PayPal On Thursday

Cathie Wood-led Ark Investment Management on Thursday further raised its exposure in the U.S. listed Chinese electric vehicle maker Xpeng Inc XPEV on the dip, and sold nearly all its balance shares in Paypal Holdings Inc PYPL.

The popular money managing firm bought 57,657 shares — estimated to be worth $1.99 million — in the Guangzhou, China-based Xpeng. 

The money managing firm has been buying shares in Xpeng via the Ark Autonomous Technology & Robotics ETF ARKQ.

Xpeng stock closed 3.6% lower at $34.5 a share on Thursday. The stock is down 31.3% year-to-date.

See Also: Cathie Wood Loads Up More Shares In Tesla And This Rival Chinese EV Maker On Wednesday

The company founded by He Xiaopeng competes with Tesla Inc TSLA alongside other Chinese electric vehicle startups that have in a short time managed to establish their EV lineups, supply chains and retail presence — and have been gradually growing monthly deliveries numbers.

Xpeng said on Tuesday it delivered 12,922 electric vehicles in January. The delivery numbers were higher than those of local rivals including Nio Inc NIO and Li Auto Inc LI.

Wood’s asset management firm also owns shares in Tesla, the only other electric vehicle company in its portfolio.

See Also: Cathie Wood Sells $21M In PayPal Amid Stock Crash — Loads Up Heavily In This Fintech Rival

Here are some other key Ark Invest trades on Thursday:

• Sold 6,145 shares — estimated to be worth $763,823— in Paypal. Shares closed 6.24% lower at $124.3 a share on Thursday. Ark Invest owned 7,378 shares in Paypal prior to Thursday's trade.   
• Bought 312,867 shares— estimated to be worth $31.75 million— in Block Inc SQ. Shares closed 11% lower at $101.5 a share and the stock is down 38% year-to-date.
• Sold 2.15 million shares — estimated to be worth $74 million — in Twitter Inc TWTR. Shares closed 5.6% lower at $34.48 a share. The stock is down 19.2% year-to-date.

Photo: Courtesy of Xpeng