Cathie Wood Drops $6.5 Million On SHOP And ABNB, Betting You Won't Stop Shopping Or Traveling

Cathie Wood-led Ark Invest made significant trades on Tuesday, spotlighting its strategic acquisitions of Shopify Inc. (NASDAQ:SHOP) and Airbnb Inc. (NASDAQ:ABNB). These trades reflect Ark’s continued interest in high-growth technology and e-commerce sectors.

The Shopify Trade saw Ark Invest making substantial purchases across three of its funds: Ark Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS: ARKK), and ARK Next Generation Internet ETF (BATS: ARKW). The firm acquired a total of 33,829 shares of Shopify in total on Tuesday. Shopify shares ended the day at $114.42. The Ark transactions were valued at $3.9 million.

Shopify’s recent first-quarter earnings report, which revealed a 26.8% year-over-year revenue growth, surpassed analyst expectations despite a contraction in gross margins.

Shopify’s consistent revenue growth, marking its eighth consecutive quarter of over 25% growth, highlights its resilience and potential in the e-commerce space.

The Airbnb Trade involved Ark Invest’s flagship ARKK ETF acquiring 19,622 shares of Airbnb. This purchase comes amidst a backdrop of mixed analyst sentiments, with some turning bearish on the stock recently. Despite this, Ark’s acquisition suggests confidence in Airbnb’s ability to navigate market challenges and capitalize on the growing demand for alternative accommodations. The total value of the Airbnb shares purchased by Ark Invest was $2.6 million. Airbnb shares closed at $132.15 on Tuesday.

Other Key Trades:

• Toast Inc.: ARKF and ARKW purchased a combined total of 69,881 shares.
• Illumina Inc.: ARKK acquired 28,266 shares.
• Veracyte Inc.: ARKK bought 39,761 shares.
• Beam Therapeutics Inc.: ARKK purchased 39,919 shares.

Benzinga’s Edge Stock Rankings indicate Airbnb checks out on Short, Medium and Long Price Trends. Here is how the stock fares on other metrics.

Photo Courtesy: ChrisStock82 on Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal