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ARK Updates | Cathie Wood sells $11M in PayPal and loads up on this rival fintech stock instead

Benzinga Real-time News ·  Oct 6, 2021 10:54  · ETF

Cathie Wood-led Ark Invest on Tuesday lowered its exposure in $PayPal (PYPL.US)$ on the day shares of the payments company rose.

Shares of Paypal closed 2% higher at $260.15 a share on Tuesday. The stock has a 52-week high of $310.16 a share and has risen 12.2% so far this year. 

The popular money manager sold PayPal shares via the $ARK Next Generation Internet ETF(ARKW.US)$ on Tuesday. Ark Invest also owns shares in PayPal via the $ARK Fintech Innovation ETF(ARKF.US)$.

The two ETFs held 703,933 shares — worth $179.5 million — in PayPal ahead of Tuesday’s trade. 

Here are some of the other key trades for Ark on Tuesday:

  • Bought 35,194 shares — estimated to be worth $8.3 million — in Jack Dorsey-led $Square(SQ.US)$. Shares of the payment company closed 4.3% higher at $235.98 a share on Tuesday. 

  • Sold 26,237 shares — estimated to be worth $1.67 million — in BYD Co. Shares of the Chinese automaker closed 3.72% higher at $63.63 a share on Tuesday.

  • Bought 151,697 shares — estimated to be worth $6.37 million — in $Robinhood Markets(HOOD.US)$ on the day shares closed 2.64% higher at $42.01 a share.

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Source: ARK Invest

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