Cathie Wood's Block Sale: Ark Sells Bitcoin Play — See What She's Buying Instead

On Thursday, Cathie Wood-led Ark Invest executed a notable trade involving Block Inc. XYZ. The firm decided to sell 9,078 shares of the Jack Dorsey-led company through its ARK Next Generation Internet ETF ARKW.

The Block Inc Trade:

Block’s recent quarterly earnings report fell short of expectations. The company’s earnings per share were reported at 56 cents, missing the analyst consensus of 87 cents. Additionally, the Bitcoin BTC/USD-focused company’s revenue of $5.77 billion did not meet the anticipated $6.2 billion.

Ark Invest’s decision to sell shares aligns with its recent trend of reducing exposure to Block, as previously noted in other trades. The value of this particular trade, based on the latest closing price of $57.01, amounts to $517,536.

Other Key Trades:

• ARKF sold 6,024 shares of UiPath Inc. (PATH).
• ARKQ sold 569,244 shares of 3D Systems Corp (DDD).
• ARKW bought 272,686 shares of Nextdoor Holdings Inc. (KIND).
• ARKX bought 16,302 shares of Blade Air Mobility Inc (BLDE).

Block has a Momentum in the 20th percentile and Growth in the 85th percentile, according to Benzinga Edge Stock Rankings. Wondering how other cryptocurrency plays like Coinbase and Marathon Digital compare?

Photo Courtesy: ChrisStock82 on Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal