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In a significant move on Monday, Cathie Wood-led Ark Invest made headlines with its substantial investment in Pinterest Inc (NYSE:PINS), purchasing over $23 million worth of shares. This bold decision comes amidst Pinterest’s recent Q4 earnings report, which presented a mixed financial picture but showed promising user growth.
The Pinterest Trade
Ark purchased 653,913 shares of Pinterest on Monday. The transaction was valued at $23.2 million. For the day, Pinterest shares closed 3.69% lower at $35.51.
Ark Invest’s decision to significantly increase its stake in Pinterest by buying shares across ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF) underscores a strategic bet on the social media company’s growth prospects. Despite Pinterest’s Q4 revenue miss and an EPS beat, the firm’s user base expanded by 11%, signaling potential for future revenue growth.
Last week, Ark Invest bought nearly 990,000 Pinterest shares valued at $40.3 million across various ETFs. This purchase coincides with Pinterest’s reported fourth-quarter results, indicating Ark’s confidence in its long-term prospects, especially after its Amazon partnership, which is expected to bolster revenue.
See Also: Cathie Wood Blasts Delaware Court’s Move To Rescind Elon Musk’s $56B Tesla Pay As Un-American
Other Key Trades:
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Posted In: ACHR ARKF ARKK ARKQ ARKW ARKX PACB PINS TWLO TXG ZM
