Cathie Wood Puts Million Into One Tech Stock

Ark went on a buying spree with this stock last week.

Cathie Wood must shop at Costco because she loves to buy in bulk. 

Last week, Wood’s Ark Investment Management purchased shares of financial services company Block  (SQ) – Get Free Report — the company behind Square, Cash App, Spiral, and Tidal — four out of the five trading days. 

The flagship Ark Innovation ETF  (ARKK) – Get Free Report ended the week purchasing 50,858 shares in Block on Friday while Ark Next Generation Internet ETF ARKW purchased more than 8,000 shares. 

Combined the purchases were worth about $4.3 million based on the stock’s closing price of $74 on Friday. 

During the three previous days of trading, Ark added about $29 million worth of shares, according to The Block. 

Wood is buying Block on a discount after Block slumped nearly 30% over the previous 12 months thanks to a wider downturn in the financial services sector. 

But the stock is up 17% year to date in 2023. Block represents Ark Innovation’s sixth largest holding. 

Wood is hoping to turn around fortunes at Ark Innovation, which has dropped more than 70% from its February 2021 peak.

Still, the fund has bounced back 21% so far this year, as tech stocks have rebounded in general.

It hasn’t just been a buying spree for Ark.

Last week the fund shed 508,792 shares of cloud communications company Twilio  (TWLO) – Get Free Report valued at about $32.7 million.

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