Asset manager Cathie Wood, chief executive of Ark Investment Management, continues to buy and sell some big-name stocks, as the equity market remains volatile.
On Monday, she bought Coinbase Global (COIN) , the biggest U.S. cryptocurrency exchange; e-commerce titan Shopify (SHOP); and real estate information firm Zillow (Z).
Meanwhile, she sold online arts-and-crafts retailer Etsy (ETSY), social-media stalwart Twitter (TWTR) and retail/technology giant Amazon (AMZN).
-- Ark exchange-traded funds bought 45,237 shares of Coinbase. That stake was valued at $8.6 million as of Monday’s close.
-- Ark funds purchased 13,534 shares of Shopify, valued at $9.4 million at Monday’s close.
-- Ark Fintech Innovation ETF (ARKF) bought 53,411 shares of Zillow. That holding was valued at $3.1 million as of Monday’s close.
On the selling side,
-- Ark funds dumped 53,232 shares of Etsy. The shares were valued at $9 million at Monday’s close.
-- Ark Next Generation Internet ETF (ARKW) unloaded 517,882 shares of Twitter, valued at $18.4 million as of Monday’s close.
-- And Ark Space Innovation & Exploration ETF (ARKX) sold 318 shares of Amazon. They were valued at about $977,000 at Monday’s close.
The biggest trading sum came from the Twitter sale.
Morningstar analyst Michael Hodel is bullish on the San Francisco microblogging provider's stock, putting fair value at $58, compared with a recent quote of $35.52.
Twitter’s "effort to focus more on advertising opportunities will mix well with its balanced brand and direct response revenue base in the long run, allowing the firm to capture more small- and medium-size business ad revenue and tap further into e-commerce growth,” he wrote in a commentary last month.
