Cathie Wood Snaps Up Millions in Block, Dumps Shopify

Aug 12 – Cathie Wood’s ARK funds bought heavily into Block (NYSE:XYZ) on August 11, scooping up roughly $19.2 million worth of shares and signaling a buy the dip move for the fintech name. ARK’s flagship ARKK acquired 152,980 Block shares, ARKW added 69,526, and ARKF bought 39,957, according to ARK’s daily trade disclosures.

The group also expanded its stakes in biotech and data names, adding 1,415 shares of CRISPR Therapeutics (NASDAQ:CRSP), 59,880 shares of Personalis (NASDAQ:PSNL), and 23,970 shares of Compass Pathways (NASDAQ:CMPS). At the same time, ARK trimmed exposure to Shopify (NASDAQ:SHOP), selling 69,973 shares for about $10.3 million after the stock rallied post-earnings. Guardant Health (NASDAQ:GH) saw additional selling as Wood continues a recent reduction there.

ARK’s Block purchases stand out: the funds had been trimming Block earlier as the stock rallied, and this latest accumulation comes at a pullback near $73, offering ARK a lower entry. Block’s solid Q2 gross profit beat and ARK’s overall posture, rotating into fintech and selective biotech names while locking profits in others, highlights Wood’s tactical portfolio tilts.

This article first appeared on GuruFocus.