Cathie Wood’s Ark Invest Buys Over 32K Reddit (RDDT) Shares, Sells ARKA
Highlights
- Ark Invest reveals its recent trading portfolio, piquing investor interest.
- The firm shifted focus to Reddit, a social media company's stocks, followed by biotech and IT companies.
- The investment could set off a ripple effect, glimmering hope for the RDDT stock's future.
In a riveting turn of events, Cathie Wood’s investment management firm Ark Invest has once again piqued significant investor interest with a shift in its trading strategies. The firm was recorded to have bought over 32K Reddit (RDDT) shares while offloading 50 Ark 21Shares Active Bitcoin Futures Strategy ETF (ARKA), among numerous other purchases and selloffs.
Despite Bitcoin’s recent growth and further cemented dominance within the trading landscape, a major shift in funds towards the recently launched Class A common stock RDDT has birthed a cyclone of speculations globally. Let’s delve deeper into the investment giant’s recent trading ventures, as revealed in a post on X today, June 5.
Ark Invest’s Recent Trading Portfolio
Notably, according to the post, Ark Invest has demonstrated strategic investment diversification by migrating considerable amounts of funds to biotech companies, followed by investments in IT companies, aerospace manufacturers, and the social media platform Reddit.
Data suggests that Ark Invest purchased 32,677 Reddit Inc. shares on June 4, followed by other purchases. Investments included:
- 173,927 shares of Intellia Therapeutics, a biotech firm.
- 83,537 shares of 10x Genomics, an IT company.
- 103,952 shares of Pagerduty, another IT company, and 65,163 shares of Rocket Lab USA.
- 43,110 shares of Adaptive Biotechnologies, a biotech firm.
- 11,228 shares of Markforged Holding.
Meanwhile, the firm sold 50 ARKA, as mentioned above, followed by the selloff of notable amounts of Zoom shares, among many others.
Also Read: US Lawmakers Pressure Biden To Secure Binance Exec’s Return From Nigeria
Reddit Investment Glimmers Hope For Stock’s Future
Cathie Wood’s investment firm’s shift of focus, illustrated by the colossal RDDT and other stocks buying, has ignited substantial market optimism for the stocks’ future movements. Moreover, the 5-day chart by Nasdaq shows that the RDDT stock’s price waned. This might have prompted Ark Invest’s decision to enter the market at a time that proves beneficial. RDDT traded at $54.50 today, per Nasdaq’s data.
Conversely, ARKA’s chart shows that the ETF price gained upside momentum during the same period, adding a layer of intrigue to the investment strategies. A recent report by CoinGape Media further spotlighted that the Wood’s led investment giant bagged in significant amounts of tech stocks.
Also Read: Bitcoin ETF Sees Second-Highest Inflow As BTC Flashes Buy Signal
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