On Wednesday, Cathie Wood's Ark Invest made a significant move by purchasing additional shares of Pinterest Inc (NYSE:PINS).
The PINS Trade
Ark Invest's Fintech Innovation ETF (NYSE:ARKF) acquired 26,925 shares of Pinterest, a popular social media website and a rival of platforms like Meta Platforms-owned Instagram and X. This move comes amidst a mixed financial picture for Pinterest, but with promising user growth as reported in their recent fourth-quarter earnings. The value of this trade, based on the closing price of $35.28 on the same day is $949,914.
This isn't the first time Ark Invest has shown interest in Pinterest. Back in February, the investment firm made headlines when it purchased over $23 million worth of Pinterest shares, demonstrating its confidence in the company's potential despite the Q4 turbulence. This recent purchase further solidifies Ark Invest's position in Pinterest.
Other Key Trades:
Ark Invest sold shares of Twilio Inc (NYSE:TWLO) from its Fintech Innovation ETF. The firm also bought shares of Verve Therapeutics Inc (NASDAQ:VERV) and Personalis Inc (NASDAQ:PSNL) stock for its Genomic Revolution ETF
From its Next Generation Internet ETF, Ark Invest sold shares of Twilio Inc and bought Datadog Inc (NASDAQ:DDOG) stock.