Cathie Wood’s Ark Investon Friday bought 230,323 shares — estimated to be worth $12.7 million — in Snap Inc, on the dip.
Shares of the social media company, which are up 11.2% so far this year, sunk 26.7% lower at $55.14 a share on Friday.
Snap shares fell after the owner of social media app Snapchat said that privacy changes implemented by Apple Inc earlier this year on iOS devices hurt its advertising business.
The Santa Monica, California-based Snap’s third-quarter revenue missed analysts' estimate on Thursday.Facebook Inc and Twitter Inc, which also fell on Snap's warning, are scheduled to report quarterly numbers this week.
The ARK Next Generation Internet ETF bought shares in Snap on Friday. Other than ARKW, the Ark Fintech Innovation ETF too owns shares in the social media company.
The two ETFs held a total of 954,518 shares — worth $71.69 million, ahead of Friday’s trade.
Here are some of the other key trades for Ark on Friday:
- Ark Invest continued to book profit in Tesla Inc. The investment firm sold 80,354 shares — estimated to be worth $73.09 million — in the electric vehicle maker’s stock. Tesla shares closed 1.75% higher at $909.68 a share on Friday.
- Bought 448,944 shares — estimated to be worth $27.94 a share — in Twitter Inc on the dip. Shares of the Jack Dorsey-led social media company closed 4.83% lower at $62.24 a share on Friday.
- Bought 203,467 shares — estimated to be worth $1.67 million — in Velo3DInc. Shares of the company closed 3.86% lower at $8.21 a share.
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