Cathie Wood-led Ark Invest on Thursday piled up yet more shares in the Pinduoduo Inc (NASDAQ:PDD), its third straight buy in the agriculture-focused tech platform after months of trimming its exposure in the Chinese company.
The popular money managing firm bought 59,300 shares — estimated to be worth $5.68 million — in Pinduoduo via the Ark Fintech Innovation ETF (NYSE:ARKF).
PDD shares, which have fallen 46% so far this year, closed 2% lower at $95.86 on Thursday.
Including the latest buy, ARKF has piled up 145,124 shares in three straight trades this week alone.
The New York-based investment firm had in early August sold all the shares that it held in Pinduoduo via the Ark Next Generation Internet ETF (NYSE:ARKW) while still retaining shares via ARKF.
Ahead of Thursday’s trade, ARKF held 499,887 shares — worth $48.9 million — in Pinduoduo. Besides ARKF, no other ETF currently holds shares in the company.
Here are some of the other key trades for Ark on Thursday:
- Bought 173,579 shares — estimated to be worth about $8.22 million — in Pfizer Inc (NYSE: PFE) on the dip. Shares of the pharma company closed 0.27% lower at $47.38 on Thursday.
- Snapped up 7,054 shares — estimated to be worth $1.75 million — in Coinbase Global Inc (NASDAQ:COIN) on the dip. Shares of the cryptocurrency exchange company closed 3.21% lower at $248.54 on Thursday.
- Sold 21,732 shares — estimated to be worth about $5.69 million— in Jack Dorsey-led Square Inc (NYSE:SQ). Square shares slipped 2% on Thursday to close at $262.13.
- Sold 131 shares — estimated to be worth about $372,362 — Alphabet Inc Class C (NASDAQ:GOOG) on the day shares closed 0.58% lower at $2,842.46.
- Shed 46,900 shares — estimated to be worth about $7.75 million — in Alibaba Group Holding (NYSE:BABA) on the day when shares closed 2.28% lower at $165.24.
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