Benzinga and Yahoo Finance LLC may earn commissions or revenues on certain items via the links below.
On Monday, Cathie Wood-led Ark Invest made a number of notable transactions. Notably, the firm bought shares of PayPal Holdings Inc (NASDAQ:PYPL) and Pinterest Inc (NYSE:PINS), while selling its stake in the ARK 21Shares Bitcoin ETF (BATS:ARKB).
The PayPal Trade
Ark Invest’s Fintech Innovation ETF (NYSE:ARKF) added 57,824 shares of PayPal, valued at about $4.5 million based on the closing price of $77.67. The move comes after analysts expressed mixed views on the company, with an average price target of $78.62 for the next 12 months.
Don’t miss:
PayPal recently made a strategic shift to penetrate the U.S. point-of-sale (POS) payments market. The company is integrating its debit card with Apple Inc.’s mobile wallet and offering various cashback rewards.
The Pinterest Trade
Ark Invest’s Next Generation Internet ETF (NYSE:ARKW) bought 115,211 shares of Pinterest, worth about $3.51 million based on the closing price of $30.46. Pinterest reported solid second-quarter results in late July, with revenue slightly beating expectations. However, its third-quarter guidance came in below analysts’ estimates, raising concerns about continued growth through the rest of 2024.
Trending: This Multibillion-Dollar Fund Is Investing In The Next Big Real Estate Boom, here’s how to join for $10.
This is a paid advertisement. Please consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund carefully before investing. This and other information can be found in the Fund prospectusPlease read them carefully before investing.
The Bitcoin ETF Trading
ARKW sold 44,609 shares of ARK 21Shares Bitcoin ETF, valued at approximately $2.82 million based on the closing price of $63.25. This sale occurred on the same day that Bitcoin reached a new high of $63,500, leading to a significant increase in pre-market activity for several Bitcoin ETFs.
On Monday, Bitcoin steadily declined below $63,000 after peaking at $64,600 following positive comments about the cryptocurrency from Democratic presidential candidate Kamala Harris. Total cryptocurrency liquidations surpassed $124 million in the past 24 hours, with bearish bets at $67 million, while Bitcoin’s funding ratio remained positive, reflecting the dominance of bullish traders.
Other important transactions:
-
ARK Innovation ETF (NYSE:ARKK) sold 7,747 shares Palantir Technologies Inc. (NYSE:PLTR) in a transaction valued at $293,998, based on Monday’s closing price of $37.95 per share.
-
ARKF sold shares of Adyen NV (ADYEN). ARKG also sold shares of Vertex Pharmaceuticals Inc (VRTX) and bought shares of Pacific Biosciences of California Inc (PACB).
-
ARKK sold shares of Roku Inc (ROKU) and ARKQ bought shares of 3D Systems Corp (DDD).
Wondering if your investments could make you a $5,000,000 nest egg? Contact a financial advisor today. The free tool from SmartAsset connects you with up to three verified financial advisors who are active in your region. You can have a free conversation with the advisors that suit you, so you can determine which advisor is the best fit for you.
Keep reading:
This article Cathie Wood’s Ark Invest Buys $4.5 Million in PayPal, $3.5 Million in Pinterest Stock, Continues Selling Palantir originally appeared on Benzinga.com
