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

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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":"SPOT","symbol_name":"Spotify Technology S.A.","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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