Ark Invest Buys PayPal, Pinterest; Sells Bitcoin ETF, Continues Palantir Offloading

On Monday, Cathie Wood-led Ark Invest made a series of notable trades, including the acquisition of shares in PayPal Holdings Inc. PYPL and Pinterest Inc. PINS. Concurrently, the firm reduced its holdings in the ARK 21Shares Bitcoin ETF ARKB, despite a cryptocurrency surge.

Strategic Moves: Investing in PayPal

Ark Invest’s Fintech Innovation ETF ARKF strategically acquired 57,824 shares of PayPal, valued at roughly $4.5 million based on a closing price of $77.67. Analysts hold varied opinions about PayPal, with a 12-month price target averaging around $78.62.

In its recent strategic pivot, PayPal is aggressively entering the U.S. point-of-sale (POS) payments landscape by integrating its debit card with Apple Inc.’s mobile wallet, offering various cashback rewards.

Pinterest Purchase

Ark Invest’s Next Generation Internet ETF ARKW bought 115,211 shares of Pinterest, worth approximately $3.51 million based on the closing price of $30.46. Although Pinterest revealed strong Q2 results at the end of July, slightly surpassing revenue expectations, its Q3 guidance fell short of analysts’ projections, raising concerns about the company’s sustained growth into 2024.

Shifting Positions: Bitcoin ETF Sale

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In a significant move, ARKW sold 44,609 shares of the ARK 21Shares Bitcoin ETF, valued at nearly $2.82 million based on a $63.25 closing price. This sale came as Bitcoin climbed to a new high of $63,500, spiking market activity for several Bitcoin ETFs.

Following an initial surge to $64,600 and subsequent decline below $63,000, catalyzed by positive cryptocurrency remarks from Democratic presidential candidate Kamala Harris, total crypto liquidations exceeded $124 million, marking a pivotal trading period.

Other Critical Transactions

• The ARK Innovation ETF, ARKK sold 7,747 shares of Palantir Technologies Inc. PLTR, valued at $293,998, reflecting a per-share price of $37.95.
• ARKF divested shares of Adyen NV (ADYEN) while ARKG sold shares of Vertex Pharmaceuticals Inc (VRTX) and purchased shares of Pacific Biosciences of California Inc (PACB).
• ARKK offloaded shares of Roku Inc (ROKU) and ARKQ acquired shares of 3D Systems Corp (DDD).

As Cathie Wood and Ark Invest continue to reshape their portfolio, these strategic moves highlight the firm’s adaptive investment strategies in a fluctuating market.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal