Cathie Wood-led Ark Investment Management bought over 1.3 million shares, worth about $72.42 million, in Twitter Inc (NYSE:TWTR) on Friday as the stock slumped after the social media company reported lower-than-expected user growth in the first quarter.
Why Ark Sees Upside To TWTR:Twitter shares closed 15.16% lower at $55.22 on Friday. The stock has a 52-week high of $80.75 and a low of $27.12.
The investment firm bought the shares of the San Francisco-based company via two of its funds; the Ark Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW).
Twitter is ARKK's thirty-fourth largest investment among a total of 58 stocks and ARKW's eighth largest investment among a total of 53 stocks.
Twitter reported year-over-year revenue growth of 28% to $1.04 billion in the first quarter, lower than peers. The social media company grew its monetizable daily active users (mDAUs) 20% year-over-year to 199 million, just shy of the 200 million expected.
“Given the recent product announcements centered around Twitter Spaces, a live audio feature, we believe that future user growth could surprise to the upside,” Ark said in a note to investors over the weekend.
Other Trades:Ark Investment Management continued to snap up Teladoc Health Inc (NYSE:TDOC), buying a total of 261,041 shares worth about $44.99 million on Friday in the telemedicine company, via the Ark Genomic Revolution ETF (BATS:ARKG), ARKK and the ARKW.
The New York-based investment firm also bought 73,019 shares, via ARKW, of the Chinese e-commerce giant Pinduoduo Inc (NASDAQ:PDD) amid reports of China’s fresh regulatory probes against tech giants.
Other Ark Buys On Friday:
- CM Life Sciences II Inc(NASDAQ:CMIIU)
- Zymergen Inc(NASDAQ:ZY)
- 908 Devices(NASDAQ:MASS)
- Recursion Pharmaceuticals(NASDAQ:RXRX)
- Ionis Pharmaceuticals Inc(NASDAQ:IONS)
- Iridium Communications(NASDAQ:IRDM)
- Jaws Spitfire Acquisition(NYSE:SPFR)
- Galileo Acquisitions Corp(NYSE:GLEO)
- 3D Systems Corp(NYSE:DDD)
- Tencent Holdings Ltd(OTC:TCEHY)
Other Ark Sells On Friday:
- Phreesia(NYSE:PHR)
- Pluristem Therapeutics(NASDAQ:PSTI)
- Pure Storage Inc(NYSE:PSTG)
- PACCAR(NASDAQ:PCAR)
- Roku Inc(NASDAQ:ROKU)
- Sea Ltd(NYSE:SE)
- Teradyne Inc(NASDAQ:TER)
- Organovo Holdings Inc(NASDAQ:ONVO)
- Zillow Group(NASDAQ:ZG)
- Nvidia Corp(NASDAQ:NVDA)
- Silvergate Capital(NYSE:SI)
- Agora Inc(NASDAQ:API)
- PayPal Inc(NASDAQ:PYPL)
- LendingTree Inc(NASDAQ:TREE)
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