Cathie Wood Goes Big On Alibaba With $25 Million Share Purchase, Scales Back On This Social Media Stock

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On Tuesday, Cathie Wood-led Ark Invest made significant moves in its portfolio, focusing on Alibaba Group Holding Ltd. (NASDAQ:BABA), Baidu Inc. (NASDAQ:BIDU), and Reddit Inc. (NYSE:RDDT). These trades come amid a backdrop of evolving market dynamics and regulatory challenges, particularly affecting Chinese firms.

The Reddit Trade

Ark Invest sold Reddit shares across multiple ETFs. The Ark Fintech Innovation ETF (BATS:ARKF) sold 13,723 shares, while the ARK Next Generation Internet ETF (BATS:ARKW) offloaded 26,277 shares.

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This move follows recent trends where Ark has been adjusting its holdings in social media platforms. As of Tuesday, Reddit’s stock closed at $208.21, marking a 1.97% increase. The total value of shares sold by Ark Invest in Reddit amounted to approximately $8.3 million.

The Alibaba Trade

The trade involved a substantial acquisition of Alibaba shares. Ark Invest’s ARKF, ARKW, and ARK Innovation ETF (BATS:ARKK) collectively purchased 157,731 shares.

This purchase comes in the wake of analyst Jim Cramer expressing confidence in Alibaba, despite broader challenges facing Chinese stocks. Alibaba’s shares closed at $160.80, down 3.07%, with the total purchase valued at approximately $25.36 million.

The Baidu Trade

Ark Invest purchased Baidu stock through its ARKK and ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), acquiring 12,006 and 2,525 shares, respectively.

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Cramer recently shared a positive outlook on Baidu, positioning it as a strong choice among Chinese stocks. Meanwhile, Chinese companies have faced mounting obstacles to listing in the U.S., as regulators in both Washington and Beijing tighten scrutiny.

Baidu’s shares closed at $131.95, reflecting a slight dip of 0.28%. The total value of Baidu shares acquired by Ark was approximately $1.9 million.

Other Key Trades

Tesla Inc. — Sold 789 shares in ARKK. Exact Sciences Corp – Sold 13,496 shares in ARKG and 95,168 shares in ARKK. CRISPR Therapeutics AG – Bought 5,177 shares in ARKG and 34,073 shares in ARKK. Iridium Communications Inc – Sold 143,560 shares in ARKK, 38,241 shares in ARKQ, and 11,185 shares in ARKX. Tempus AI Inc – Bought 2,329 shares in ARKG and 15,325 shares in ARKK. Twist Bioscience Corp – Bought 2,076 shares in ARKG and 13,667 shares in ARKK.

繼續閱讀

Benzinga's Edge Stock Rankings indicate Alibaba stock has Quality in the 49th percentile. Here is how the stock ranks on other metrics.

Photo Courtesy: PJ McDonnell on Shutterstock.com

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This article Cathie Wood Goes Big On Alibaba With $25 Million Share Purchase, Scales Back On This Social Media Stock originally appeared on Benzinga.com

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