On Thursday, Cathie Wood-led Ark Invest made significant trades involving Block Inc. and Baidu Inc..
The investment firm sold shares of the Jack Dorsey-led company through its ARK Next Generation Internet ETF while acquiring shares of Baidu through the ARK Autonomous Technology & Robotics ETF.
Ark Invest executed a substantial sale of Block shares on Thursday, offloading 25,283 shares through ARKW. The sale of shares, at the latest closing price of $58.35, was valued at $1.5 million. The stock spiked 5.25% for the day, as Bitcoin hit a fresh all-time high of $111,970.17 on Thursday.
This move follows a previous sale of 9,078 shares of the Bitcoin-focused company last week. The company’s recent quarterly earnings report indicates that it fell short of expectations. Earnings per share came in at 56 cents, missing the consensus of 87 cents.
Ark Invest’s acquisition of Baidu shares on Thursday marks a notable addition to its ARKQ. The firm purchased 5,694 shares of the Chinese e-commerce giant. On Thursday, Baidu shares ended the day at $84.07, valuing the purchase at $478,694.
Baidu’s Apollo Go service recently achieved a milestone of eleven million paid autonomous rides, positioning it as a leader in the autonomous ride-hailing industry.
Gary Black, Managing Director of Future Fund LLC, praised Baidu’s Apollo Go as the “world’s autonomous ride-hailing leader.” This endorsement underscores the potential growth and innovation within Baidu’s autonomous driving division. Ark’s investment in Baidu reflects its confidence in the company’s ability to capitalize on the growing demand for autonomous transportation solutions.
Other Key Trades:
Sold 100 shares of UiPath Inc. through ARKF.
Bought 59,461 shares of Nextdoor Holdings Inc. through ARKW.
Bought 79,135 shares of Blade Air Mobility Inc. through ARKX.
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