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On Monday, Ark Invest, led by Cathie Wood, made some significant trades. Most notably, the firm bought shares of PayPal Holdings Inc (NASDAQ:PYPL) and Pinterest Inc (NYSE:PINS), while it sold its stake in ARK 21Shares Bitcoin ETF (BATS:ARKB).
PayPal Trading
Ark Invest’s Fintech Innovation ETF (NYSE:ARKF) added 57,824 PayPal shares, valued at approximately $4.5 million, based on the closing price of $77.67. This move comes after analysts expressed mixed views on the company, with an average 12-month target price 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 cash-back rewards.
Pinterest Trading
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 strong second-quarter results in late July, with revenue slightly above expectations. However, third-quarter forecasts fell short of analysts’ expectations, raising concerns about sustained growth through the remainder of 2024.
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Bitcoin ETF Trading
ARKW sold 44,609 shares of the 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, leading to a significant spike in pre-market activity for several Bitcoin ETFs.
On Monday, the Bitcoin price fell steadily below $63,000 after reaching as high as $64,600 following positive comments on cryptocurrencies from Democratic presidential candidate Kamala Harris. Total cryptocurrency liquidations exceeded $124 million over the past 24 hours, with bearish bets of $67 million, while the Bitcoin funding rate remained positive, reflecting the dominance of bullish traders.
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ARK Innovation Exchange Traded Fund (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.
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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).
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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 In PayPal Stock And $3.5M In Pinterest Stock, Continues To Sell Palantir originally appeared on Benzinga.com