Cathie Wood-led Ark Invest on Monday rushed to book profit in $Square, INC.(SQ.US)$ as the shares of the company skyrocketed after the second-quarter earnings result and the $29 billion Afterpay acquisition.
The popular money manager’s investment management firm shed 202,094 shares, estimated to be worth about $55 million.
Shares of Square closed 10.16% higher at $272.38 on Monday.
Ark Invest deployed both $ARK Innovation ETF(ARKK.US)$ and $ARK Next Generation Internet ETF(ARKW.US)$ to sell Square shares on Monday. The investment firm also holds a stake in Square via the $ARK Fintech Innovation ETF(ARKF.US)$.
Together, the three ETFs held about 7.05 million shares, worth $1.74 billion, in Square ahead of Monday’s trade.
The company, founded by $Twitter Inc(TWTR.US)$ CEO Jack Dorsey in 2009, reported earnings per share of 66 cents that handily beat the analyst estimate of 30 cents. Square also said it had agreed to purchase Australian buy-now, pay-later company Afterpay in an all-stock deal valued at $29 billion.
The New York-based investment firm also shed 199,300 shares, estimated to be worth about $14.65 million, in Snapchat parent Snap Inc (NYSE:SNAP), on the day shares of the company fell.
Snap shares closed 1.24% lower at $73.50 on Monday.
Wood’s firm shed the shares in Snap via the $ARK Fintech Innovation ETF(ARKF.US)$, lowering its stake in the ETF by almost 21% on Monday.
ARKF held about 933,953 shares, worth $69.5 million, in the social media company that ranks twentieth among a total of 44 stocks in the fintech innovation ETF.
Ark also holds shares in Snap via the $ARK Next Generation Internet ETF(ARKW.US)$.
Together, the two ETFs held 1.77 million shares, worth $131.7 million, in Snap ahead of Monday’s trade. No other Ark ETF holds a stake in the company.
Ark Invest also bought 373 shares, estimated to be worth about $1.24 million, in e-commerce giant $Amazon.Com Inc(AMZN.US)$ via the $ARK Space Exploration & Innovation ETF(ARKX.US)$.
Amazon shares closed 0.12% higher at $3,331.48 on Monday.
Ark Invest also holds a position in Amazon via ARKF and together the two ETFs held 17,205 shares, worth $57.25 million ahead of Monday’s trade.
Some of the other key Ark Invest sells on Monday included $NVIDIA Corp(NVDA.US)$ and $PURE STORAGE, INC.(PSTG.US)$ and buys included $QUANTUM-SI INC(QSI.US)$.
Comment(2)
Square good result but sell down
by cathie
this is
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