Ark Invest Doubles Down On Block With $4.3 Million Investment
Key Points:
- Cathie Wood’s Ark Investment Management has increased its stake in Block (SQ).
- Cathie Wood has been a long-time supporter of Block, seeing it as a key player in the digital payments industry.
- Ark Investment Management’s continued investment in Block has also helped to ease concerns among investors, with the stock seeing a small boost in after-hours trading on Friday following the announcement of the purchases.
Cathie Wood’s Ark Investment Management, known for its focus on disruptive and innovative technologies, has increased its stake in Block (SQ), a digital payments company.
The fund manager’s trading desk announced on Friday that its flagship exchange-traded fund, the Ark Innovation ETF (ARKK), bought 50,858 shares in Block, while the Ark Next Generation Internet ETF (ARKW) purchased 8,064 shares.
These purchases amounted to approximately $4.3 million based on Block’s closing price of around $74 on Friday. This marks the fourth day in the past week that Ark has added to its Block holdings, with the asset manager having bought Block stock worth around $29 million in the previous three purchases of the week.
The move by Ark Investment Management comes as Block’s stock has been on a downward trend in recent months, amid concerns over the company’s growth prospects and increased competition in the digital payments space. However, Cathie Wood has been a long-time supporter of Block, seeing it as a key player in the digital payments industry.
Block has been reflected in her investment strategy
Wood’s conviction in Block has been reflected in her investment strategy, with Ark Innovation ETF and Ark Next Generation Internet ETF holding a significant portion of the company’s outstanding shares. The two funds now own a combined 11.1 million shares of Block, worth around $800 million at the time of writing.
Ark Investment Management’s continued investment in Block has also helped to ease concerns among investors, with the stock seeing a small boost in after-hours trading on Friday following the announcement of the purchases.
Block, which operates a popular mobile payments app called Cash App, has seen significant growth in recent years, as more consumers turn to digital payments amid the COVID-19 pandemic. However, the company faces stiff competition from the likes of PayPal and Venmo and new entrants into the space such as Facebook’s Libra and China’s digital yuan.
Despite these challenges, Cathie Wood and Ark Investment Management remain bullish on Block’s future prospects, and their recent purchases suggest that they see the current dip in the stock price as a buying opportunity. As always, investors will be closely watching the moves of Wood and Ark in the coming weeks and months, to see whether their conviction in Block pays off.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
News
Ark Invest Doubles Down On Block With $4.3 Million Investment
Key Points:
- Cathie Wood’s Ark Investment Management has increased its stake in Block (SQ).
- Cathie Wood has been a long-time supporter of Block, seeing it as a key player in the digital payments industry.
- Ark Investment Management’s continued investment in Block has also helped to ease concerns among investors, with the stock seeing a small boost in after-hours trading on Friday following the announcement of the purchases.
Cathie Wood’s Ark Investment Management, known for its focus on disruptive and innovative technologies, has increased its stake in Block (SQ), a digital payments company.
The fund manager’s trading desk announced on Friday that its flagship exchange-traded fund, the Ark Innovation ETF (ARKK), bought 50,858 shares in Block, while the Ark Next Generation Internet ETF (ARKW) purchased 8,064 shares.
These purchases amounted to approximately $4.3 million based on Block’s closing price of around $74 on Friday. This marks the fourth day in the past week that Ark has added to its Block holdings, with the asset manager having bought Block stock worth around $29 million in the previous three purchases of the week.
The move by Ark Investment Management comes as Block’s stock has been on a downward trend in recent months, amid concerns over the company’s growth prospects and increased competition in the digital payments space. However, Cathie Wood has been a long-time supporter of Block, seeing it as a key player in the digital payments industry.
Block has been reflected in her investment strategy
Wood’s conviction in Block has been reflected in her investment strategy, with Ark Innovation ETF and Ark Next Generation Internet ETF holding a significant portion of the company’s outstanding shares. The two funds now own a combined 11.1 million shares of Block, worth around $800 million at the time of writing.
Ark Investment Management’s continued investment in Block has also helped to ease concerns among investors, with the stock seeing a small boost in after-hours trading on Friday following the announcement of the purchases.
Block, which operates a popular mobile payments app called Cash App, has seen significant growth in recent years, as more consumers turn to digital payments amid the COVID-19 pandemic. However, the company faces stiff competition from the likes of PayPal and Venmo and new entrants into the space such as Facebook’s Libra and China’s digital yuan.
Despite these challenges, Cathie Wood and Ark Investment Management remain bullish on Block’s future prospects, and their recent purchases suggest that they see the current dip in the stock price as a buying opportunity. As always, investors will be closely watching the moves of Wood and Ark in the coming weeks and months, to see whether their conviction in Block pays off.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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