Cathie Wood-Led Ark Invest Buys $9.9M Worth Of Amazon Shares, Also Picks Up Reddit Stock

Benzinga ·  Jun 7 10:25

On Thursday, Cathie Wood-led Ark Invest made significant trades in Inc (NASDAQ:AMZN) and Reddit Inc (NYSE:RDDT), amidst notable developments in both companies.

The Trade: Ark Invest's ARK Next Generation Internet ETF (NYSE:ARKW) fund purchased a substantial 53,368 shares of Amazon. This move comes in the wake of Amazon's recent acquisition of NBA media rights as part of a $76 billion 11-year deal. This strategic move is expected to boost subscriber numbers for Amazon's Prime Video streaming platform. The value of this trade, based on Amazon's closing price of $185 on Thursday, is approximately $9.9 million.

The Reddit Trade: In a separate transaction, The firm's Ark Fintech Innovation ETF (NYSE:ARKF) fund bought 1,312 shares of Reddit. This purchase coincides with Reddit's recent announcement of an expanded partnership with customer experience management platform company Sprinklr. This partnership will enable Sprinklr customers to access Reddit's full advertising suite and integrate Reddit into their enterprise advertising strategies. The value of this trade, based on Reddit's closing price of $63.46 on Thursday, is approximately $83,200.

Other Key Trades:

  • Ark Invest's ARKG fund bought 25,736 shares of Intellia Therapeutics Inc (NASDAQ:NTLA) and sold 12,602 shares of Exact Sciences Corp (NASDAQ:EXAS).
  • ARKK fund bought 106,192 shares of PagerDuty Inc (NYSE:PD) and sold 126,699 shares of Verve Therapeutics Inc (NASDAQ:VERV). ARKW fund sold 14,121 shares of ServiceNow Inc (NYSE:NOW).

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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