Cathie Wood's Ark Invest, that popular platform of innovation-first investing, picked up more than a quarter million shares of Nextdoor Holdings June 26, boosting Ark's investment in the company.
The new purchase came at the same time Ark sold off a bare handful of shares (8,254) of its favorite company: Tesla.
DON'T MISS: Cathie Wood Buys Millions of Dollars of Popular FinTech Stock
The purchase -- in the total amount of around $800,000 -- was made solely by Ark's Next Generation Internet ETF. The fund picked up 274,409 shares of (KIND), valuing Ark's total holding in the company at just shy of $20 million. After this latest purchase, The Next Generation Internet ETF now owns some 6,587,921 shares of the hyperlocal neighborhood network; the company is now the fund's 19th largest investment, weighted at 1.49%.
Nextdoor's stock closed at $3.01 per share June 26, up from its December low of $1.82.
Nextdoor reported 42.4 million weekly active users, a 16% year-over-year increase, for its first quarter of 2023, though its revenue for the quarter ($49.8 million) was down 2% from the previous year. The company reported a net loss per share of $.09 for the quarter but said it expects to "return to revenue growth and adjusted EBITDA margin improvement" for the full year of 2023.
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Nextdoor, which has a market cap of $1.11 billion, also joined the Russell 3000 index this week.
"We are pleased to be added to the Russell indexes,” Nextdoor CEO Sarah Friar said in a statement. “We believe Nextdoor’s inclusion will increase our awareness and visibility, providing us with the opportunity to reach a wider set of investors and contributing to our growth and purpose.”
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