Cathie Wood’s Ark Invest Buys $4.5M in PayPal and $3.5M in Pinterest Shares and Continues to Offload Palantir

Benzinga and Yahoo Finance LLC may earn commission or revenue for some articles through the links below.

Ark Invest, led by Cathie Wood, made some significant trades on Monday. 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).

PayPal Commerce

Ark Invest’s Fintech Innovation ETF (NYSE:ARKF) added 57,824 PayPal shares valued at about $4.5M based on the closing price of $77.67. This move comes in the wake of analysts expressing mixed views on the company, with a 12-month average price of $78.62.

Don’t miss:

PayPal recently made a strategic shift to penetrate the US point-of-sale (POS) payments market. The company is integrating its debit card with Apple Inc.’s mobile wallet. and offers different cashback rewards.

Pinterest commerce

Ark Invest’s Next Generation Internet ETF (NYSE:ARKW) acquired 115,211 shares of Pinterest, worth approximately $3.51M, based on the closing price of $30.46. Pinterest reported solid second-quarter results in late July, with revenue slightly beating expectations. However, guidance for the third quarter came in below analysts’ forecasts, raising concerns about sustained growth for the rest of 2024.

Trends: This multibillion-dollar fund invested in the next big real estate boom, here’s how you can sign up for $10.
This is a paid advertisement. Please carefully consider the Fundrise Flagship Fund’s investment objectives, risks, fees and expenses before investing. This and other information can be found in fund prospectus. Read them carefully before investing.

Trade ETFs with Bitcoin

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 sell-off occurred on the same day that Bitcoin hit a new high of $63,500, causing a significant increase in pre-market activity for several Bitcoin ETFs.

On Monday, Bitcoin fell steadily below $63,000 after rising to $64,600 following positive comments about the cryptocurrency from Democratic presidential candidate Kamala Harris. Total cryptocurrency liquidations exceeded $124 million in the past 24 hours, with $67 million in bets, while Bitcoin’s funding rate remained positive, reflecting bullish trader dominance.

The story continues

Other key transactions:

• 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 ).

Wondering if your investments can take you to a $5,000,000 nest egg? Talk to a financial advisor today. The free SmartAsset tool connects you with up to three verified financial advisors serving your area, and you can interview matched advisors at no cost to decide which one is right for you.

Continue reading:

This article Cathie Wood’s Ark Invest Buys $4.5M in PayPal and $3.5M in Pinterest Shares and Continues to Offload Palantir originally appeared on Benzinga.com