On Monday, Cathie Wood’s Ark Invest made significant moves in its portfolio, notably involving Spotify Technology SA (NYSE:SPOT) and Pinterest Inc. (NYSE:PINS).
The Spotify Trade
Ark Invest’s Ark Fintech Innovation ETF (NYSE:ARKF) and ARK Next Generation Internet ETF (NYSE:ARKW) ETFs offloaded shares of Spotify Technology SA (NYSE:SPOT). The ARKF ETF sold 2,408 shares, while the ARKW ETF sold a more substantial 7,614 shares. Based on Spotify’s closing price of $480.27 on the day of the trade, the total value of the sold shares amounts to approximately $4.8 million.
This move comes days after Spotify’s recent launch of Spotify for Authors, a new set of tools aimed at authors and publishers who distribute their audiobooks on its platform. Furthermore, a surge in options activity was observed for Spotify, indicating a bullish stance from investors with significant capital.
The Pinterest Trade
Conversely, Ark Invest’s ARKF and ARKW ETFs bought shares of Pinterest Inc (NYSE:PINS). The ARKF ETF purchased 37,519 shares, and the ARKW ETF acquired a whopping 118,619 shares. Given Pinterest’s closing price of $30.43 on the day of the trade, the total value of the purchased shares is approximately $4.7 million.
This purchase follows Pinterest’s third-quarter earnings report, which revealed a revenue beat, an EPS miss, and soft guidance. Despite the mixed results, Pinterest’s investments in AI appear to be paying off, with total revenue up 18% YoY and global monthly active users increasing by 11% YoY.
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Other Key Trades:
- Wood’s Ark purchased 4,012 shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) for its ARKF fund. The transaction was valued at $569,944.
- ARKG sold stock of Senti Biosciences Inc (SNTI) and shares of Butterfly Network Inc (BFLY)
- ARKG bought shares of Absci Corp (ABSI) and shares of Pacific Biosciences of California Inc (PACB). ARKX sold shares of Garmin Ltd (GRMN).
Image via Benzinga YouTube and Unsplash
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
