On Monday, Cathie Wood's Ark Invest made some significant trades, the most notable being the purchase of $Shopify Inc (SHOP.CA)$ shares and the sale of $BLOCK INC (BSQKZ.US)$ shares.
The $Shopify (SHOP.US)$ Trade
Ark Invest's ETFs, including $ARK Fintech Innovation ETF (ARKF.US)$, $ARK Innovation ETF (ARKK.US)$, and $ARK Next Generation Internet ETF (ARKW.US)$, purchased a total of 313,923 shares of Shopify on Monday. This move came after the company released its first-quarter earnings report earlier in the month. The trade was valued at approximately $18.45 million, based on Shopify's closing price of $58.78 on the day.
Earlier this month, Benzinga reported that Shopify's shares had tanked after the company reported its first-quarter results, with analysts expressing concerns about the company's profitability.
The Block Trade
On the same day, Ark Invest sold a total of 110,334 shares of Block Inc across its ARKF, ARKK, and ARKW ETFs. This decision came after Block's stock soared following its first-quarter earnings report and strategic $Bitcoin (BTC.CC)$ investment, as highlighted by Benzinga. The value of this trade was approximately $7.7 million, based on Block's closing price of $69.74 on Monday.
Other Key Trades:
Ark Invest's ARKF and ARKK ETFs bought shares of $Roblox (RBLX.US)$.
ARKF sold shares of $Global-E Online (GLBE.US)$. ARKG sold shares of $Verve Therapeutics (VERV.US)$ and bought shares of $Recursion Pharmaceuticals (RXRX.US)$.
ARKQ sold stock of $Velo3D (VLD.US)$. ARKX bought shares of $Iridium Communications (IRDM.US)$.