Cathie Wood’s Ark Invest Buys .5M Of PayPal And .5M Of Pinterest Shares, Continues Offloading Palantir

Cathie Wood’s Ark Invest Buys $4.5M Of PayPal And $3.5M Of Pinterest Shares, Continues Offloading Palantir

Cathie Wood’s Ark Invest Buys $4.5M Of PayPal And $3.5M Of Pinterest Shares, Continues Offloading Palantir

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On Monday, Cathie Wood-led Ark Invest made some significant trades. Notably, the firm bought shares of PayPal Holdings Inc (NASDAQ:PYPL) and Pinterest Inc (NYSE:PINS), while selling its stake in 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 approximately $4.5 million based on the closing price of $77.67. This move comes in the wake of analysts expressing diverse opinions about the company, with an average 12-month price target of $78.62.

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PayPal has 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 different cashback rewards.

The Pinterest Trade

Ark Invest’s Next Generation Internet ETF (NYSE:ARKW) purchased 115,211 shares of Pinterest, amounting to approximately $3.51 million based on the closing price of $30.46. Pinterest reported solid second-quarter results at the end of July, with revenue slightly surpassing expectations. However, third-quarter guidance came in below analyst projections, raising concerns about sustained growth for the rest of 2024.

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The Bitcoin ETF Trade

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 hit a new high of $63,500, causing a significant surge in pre-market activity for several Bitcoin ETFs.

On Monday, Bitcoin steadily declined below $63,000 after a spike to $64,600, following positive comments about 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 rate remained positive, reflecting bullish trader dominance.

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Other Key Trades:

  • ARK Innovation ETF (NYSE:ARKK) sold 7,747 shares of 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).

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This article Cathie Wood’s Ark Invest Buys $4.5M Of PayPal And $3.5M Of Pinterest Shares, Continues Offloading Palantir originally appeared on Benzinga.com

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