Katie Wood's Investment Company Bought $21 Million Worth of Block Shares Amid Their 6% Decline
Kathy Wood's Ark Invest purchased approximately $21 million worth of Block Inc. (XYZ) shares after the fintech company's stock fell over 6% on August 6th, despite the company reporting Q2 results that beat analyst forecasts.
Block's Q2 revenue reached $6.62 billion, a 9% year-over-year increase. Adjusted earnings per share grew 65% to $1.02, and gross profit rose 25% to $3.17 billion. However, Mizuho analysts expressed concerns about rising operating expenses, which may increase from $4.48 billion in the first half to $4.56 billion in the second half. The company had previously laid off about 40% of its staff in February.
Taking advantage of the stock decline, Ark Invest bought 267,676 shares of Jack Dorsey's Block for its ARKK, ARKW, and ARKF ETFs. Block remains a significant holding for Ark; for example, it is the tenth-largest position in the ARKW fund, valued at about $60 million and representing a 3.51% portfolio weight. Ark typically limits individual holdings to 10% of a fund's portfolio.
On August 7th, Ark also bought 20,318 SpaceX shares worth nearly $2.3 million through several funds and sold 39,509 shares of Bullish for $910,287 via ARKW.
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