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Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares

Benzinga2023-07-28

On Thursday, Cathie Wood-led Ark Invest made a significant purchase of SoFi Technologies Inc shares, amidst a volatile market environment for the company. This move comes in the wake ofMorgan Stanley’s recent downgradeof SoFi, citing overly optimistic expectations for the company’s banking business.

The SoFi Trade

Ark Invest, through its Ark Fintech Innovation ETF (ARKF) fund, purchased 133,191 shares of SoFi Technologies. The transaction was valued at $1.2 million based on the stock’s closing price of $9.09.

This decision comes despite Morgan Stanley’s analyst Jeffrey Adelson expressing concerns about the company’s banking business, suggesting it might not yield as high returns as initially anticipated.

Other Key Trades:

Ark Invest’s ARK Genomic Revolution ETF (ARKG) fund bought 25,078 shares of Accolade Inc.
ARKG fund sold 916 shares of Surface Oncology Inc.

These trades reflect Ark Invest’s ongoing strategy of investing in innovative companies, while also adjusting its holdings based on market trends and company performance.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Quicklearner
·2023-07-28
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suthanb4u
·2023-07-28
Sensible purchase, all other banks are heavily shorting SOFI to limit their growth. Let's see where does this bring us.!!
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- PhoenixBee:
  Weirdly wood sister bringing in more
  2023-07-28
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Let's see where does this bring us.!!&nbsp;","listText":"Sensible purchase, all other banks are heavily&nbsp;shorting SOFI to limit their growth. Let's see where does this bring us.!!&nbsp;","text":"Sensible purchase, all other banks are heavily shorting SOFI to limit their growth. Let's see where does this bring us.!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/202644777873616","repostId":1164601490,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106491380,"gmtCreate":1690512534784,"gmtModify":1690512540913,"authorId":3570058765891495,"author":{"id":3570058765891495,"idStr":"3570058765891495","authorId":3570058765891495,"name":"PhoenixBee","avatar":"https://community-static.tradeup.com/news/f7bfa4323a9a5dfacc73c8817a4e5e48","vip":1,"currentWearingBadge":{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.19","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":2006},"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":202644777873616,"type":1,"supId":0,"prevId":0,"content":"Weirdly wood sister bringing in more","text":"Weirdly wood sister bringing in more","html":"Weirdly wood sister bringing in more"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":16,"commentSize":2,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}