A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made huge purchases on Thursday. Accordingly these funds bought over 450,000 shares of Zillow Group, Inc. (NASDAQ: ZG) shares on Thursday, as the price of these ETFs lost over 5% on Thursday. Note that these ETFs are still up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 320,124 shares of Zillow, while ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 138,390 shares. At Thursday’s closing price this would have valued this purchase at roughly $68 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 120% in the last year, and ARKW Is up 129%.
24/7 Wall St. recently reported on Zillow:
Zillow Group Inc. (NYSE: ZG) was reiterated with a Buy rating and a $230 price target at Needham. The much lower consensus target is $190.45, and Thursday’s close was at $200.60 a share, which was up almost 17% after it posted huge earnings.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com