Cathie Wood's Ark Invest Keeps Shedding Shopify and Nvidia, Loads Up On Spotify

Benzinga2023-09-06

On Tuesday, Cathie Wood-led Ark Invest made notable trades, with a significant move to offload shares of Shopify Inc and Nvidia Corp, while ramping up its position in Spotify Technology SA. This comes...

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This comes...</p>\n\n<a href=\"https://www.benzinga.com/23/09/34258688/cathie-woods-ark-invest-keeps-shedding-shopify-nvidia-shares-loads-up-on-spotify-stock\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SHOP","symbol_name":"Shopify Inc","start_time":0,"source_url":"https://www.benzinga.com/23/09/34258688/cathie-woods-ark-invest-keeps-shedding-shopify-nvidia-shares-loads-up-on-spotify-stock","article_id":"1195820906","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1195820906","pubTimestamp":1693993377,"sourceInfo":{"source_id":"lsy1606299360108","name":"Benzinga"},"weMediaInfo":null,"summary":"On Tuesday, Cathie Wood-led Ark Invest made notable trades, with a significant move to offload shares of Shopify Inc and Nvidia Corp, while ramping up its position in Spotify Technology SA. 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The transaction value was based on the stock’s Tuesday closing price of $159.32.The decision to sell Shopify shares comes despite the recent introduction of Amazon's “Buy with Prime” app for Shopify merchants, which had previously led to a rally in Shopify's stock price. However, Ark Invest’s recent trading behavior indicates a pattern of selling Shopify shares, suggesting a potential shift in their investment strategy towards the e-commerce platform.The Nvidia Trade: Ark Invest sold 4,080 shares of Nvidia through ARK Genomic Revolution ETF on Tuesday. The trade was valued at $1.98 million, based on the stock’s closing price of $485.48.Wood recently addressed concerns regarding Ark’s multiple sales of Nvidia Corp stock. Despite being with Nvidia from its early stages and recognizing its potential as a key player in autonomous vehicles, Wood expressed concerns about an “inventory glut” caused by the hype surrounding AI. 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This move to optimize its ad spend and focus on more lucrative programming might have caught Ark Invest’s attention, leading to its decision to increase its stake in the music streaming giant.Other Key Trades:Ark Invest also bought shares of Archer Aviation Inc through ARKK, ARKW and ARK Space Exploration & Innovation ETF.Ark purchased Beam Therapeutics Inc through ARKK and ARKG.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":17,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1195820906"}