share_log

Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares

Benzinga ·  Jul 28, 2023 02:44

On Thursday, Cathie Wood-led Ark Invest made a significant purchase of $SoFi Technologies (SOFI.US)$ shares, amidst a volatile market environment for the company. This move comes in the wake of Morgan Stanley's recent downgrade of SoFi, citing overly optimistic expectations for the company's banking business.

The SoFi Trade

Ark Invest, through its $ARK Fintech Innovation ETF (ARKF.US)$ fund, purchased 133,191 shares of SoFi Technologies. The transaction was valued at $1.2 million based on the stock's closing price of $9.09.

This decision comes despite Morgan Stanley's analyst Jeffrey Adelson expressing concerns about the company's banking business, suggesting it might not yield as high returns as initially anticipated.

Other Key Trades:

These trades reflect Ark Invest's ongoing strategy of investing in innovative companies, while also adjusting its holdings based on market trends and company performance.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment