On Tuesday, Arc Invest, led by Katie Wood , made a significant move by divesting Shopify Inc (NYSE:SHOP) and Nvidia Corp (NASDAQ:NVDA) while increasing its position in Spotify Technology SA ((NYSE:SPOT). Market). .the last. This comes against a backdrop of dynamic and strategic shifts in Arc's investment approach.
Shopify Commerce. As a strategic move, Ark Invest decided to sell Shopify Inc (NYSE:SHOP) stock for $14.3 million. through the ARK Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW). The exercise price is based on the stock's closing price on Tuesday of $159.32.
The decision to sell Shopify stock comes despite the recently launched Amazon Buy Prime app for Shopify merchants, which previously sent Shopify's stock price skyrocketing. However, Ark Invest's recent trading behavior shows a pattern of selling Shopify stock, suggesting a possible shift in its investment strategy towards e-commerce platforms.
Nvidia trading. Ark Invest sold 4,080 shares of Nvidia via the ARK Genomic Revolution ETF (BATS:ARKG) on Tuesday. The transaction was valued at $1.98 million based on the stock's closing price of $485.48.
Wood recently raised concerns about multiple sales of Arc's Nvidia Corp (NASDAQ:NVDA) stock. Although Wood has been with Nvidia since its early days and recognized its potential as a key player in autonomous vehicles, he has expressed concern about the "stocking density" caused by rumors of artificial intelligence. This may have been a factor in Ork's decision to reduce its stake in Nvidia.
Spotify Commerce. Management company Wood is buying $2.7 million worth of stock through the Next Generation Internet ETF. Spotify shares closed at $159.32 on Tuesday.
Spotify recently decided to remove some white noise ads, saving about $38 million a year as a result. The decision to optimize ad spend and focus on more profitable programs could draw the attention of Arc Invest, which has decided to increase its stake in the music streaming giant.
ALSO SEE: EXCLUSIVE: Cathy Wood Beats Tesla's $2,000 Price Target With Benzinga
Other important offers:
- Ark Invest also bought shares of Archer Aviation Inc (NASDAQ:ACHR) through the ARKK, ARKW and ARK Space Exploration & Innovation ETF (BATS:ARKX).
- Ark bought Beam Therapeutics Inc (NASDAQ:BEAM) through ARKK and ARKG.
Continue reading. Cathy Wood reveals Bitcoin's role in Exxon's environmental strategy in Rage Report
Developed by Benzinga Neuro , edited by Shivdeep Dhaliwal
Benzinga Neuro's GPT-4 based content creation system leverages Benzinga's extensive ecosystem, including local data, APIs and more, to create rich, timely stories for you. learn again
