Tesla Inc (NASDAQ:TSLA) bull Cathie Wood-led Ark Invest on Tuesday raised its exposure in cloud-based software firm Monday.com Ltd (NASDAQ: MNDY) on the dip, the only trade by the popular money manager ahead of a key Federal Reserve rate hike decision.
St. Petersburg, Florida-based Ark Invest bought 2,041 shares, estimated to be worth $263,595, in Monday.com.
Shares of the company closed 3.1% lower at $129.15 on Tuesday and are down 57% year-to-date.
Ark Invest owns shares in the cloud-based work management software company via the Ark Next Generation Internet ETF (NYSE:ARKW).
ARKW held 219,465 shares, worth $29.25 million, in Monday.com, before Tuesday’s trade.
The firm makes some heavy-duty trades in companies such as Tesla, Coinbase Global Inc (NASDAQ:COIN), and others on daily basis. Ark could be taking a cautious approach ahead of the key Federal Reserve interest rate-hike decision.
The U.S. Fed is expected to hike rates between 25 and 50 basis points on Wednesday. Some Fed officials, such as St. Louis Fed President James Bullard, expect a 75 basis points hike is warranted.
Photo courtesy: Monday.com
