Cathie Wood’s Ark Invest made some notable trades on Wednesday, including the purchase of Shopify Inc (NYSE:SHOP) and Reddit Inc (NYSE:RDDT), as well as the sale of Coinbase Global Inc (NASDAQ:COIN) shares.
In the Shopify trade, Ark Invest’s Ark Fintech Innovation ETF (NYSE:ARKF), ARK Innovation ETF (NYSE:ARKK), and ARK Next Generation Internet ETF (NYSE:ARKW) acquired a total of 482,042 shares of Shopify valued at $30.24 million. Despite a stock drop after reporting quarterly results, Shopify’s revenue grew by 23% year-over-year to $1.86 billion.
Ark Invest’s ETFs ARKF and ARKW also purchased 115,394 shares of Reddit for $5.93 million. Following strong first-quarter financial results and Q2 guidance, Reddit’s shares closed 4.05% higher at $51.40.
On the other hand, Ark Invest’s ETFs ARKF and ARKW sold 41,964 shares of Coinbase Global Inc, amounting to $8.89 million. This move coincided with a decrease in Bitcoin price, with Coinbase shares closing 1.46% lower at $211.20.
Additionally, Ark Invest made other key trades, including selling shares of Global-E Online Ltd, Twilio Inc, and StoneCo Ltd, as well as buying stock of Rocket Lab USA Inc. ARKK sold shares of Draftkings Inc and Twist Bioscience Corp, while ARKQ sold shares of AeroVironment Inc and 2U Inc.
In conclusion, Cathie Wood’s Ark Invest made significant trades in Shopify, Reddit, and Coinbase, among others, reflecting their strategic investment decisions in the market.