A couple ARK exchange-traded funds run by ETF star Cathie Wood sold over 225,000 shares of PayPal Holdings, Inc. (NASDAQ: PYPL) shares on Wednesday, as the price of these ETFs gained over 2% in Wednesday’s session. These ETFs are up well over 100% in the last year.
ARK Fintech Innovation ETF (NYSEARCA: ARKF) sold 161,846 shares of PayPal, while ARK Innovation ETF (NYSEARCA: ARKK) sold 66,500 shares. At Wednesday’s closing price this would have valued this purchase at roughly $55.5 million. This is only a small fraction of the total holdings. ARKK is up 177% over the past 52 weeks, and ARKF is up 152%.
24/7 Wall St. recently reported on PayPal:
This has long been a Wall Street favorite, and it continues to deliver solid results. PayPal Holdings Inc. (NASDAQ: PYPL) operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide.
The company enables businesses of various sizes to accept payments from merchant websites, mobile devices and applications, as well as at offline retail locations through a range of payment solutions across its payments platform, including PayPal, PayPal Credit, Venmo and Braintree products.
PayPal’s platform allows customers to pay and get paid, withdraw funds to their bank accounts and hold balances in their PayPal accounts in various currencies.
Last year, when it reported third-quarter results, the company suggested it would be increasing its long-term growth rates when it updates the investment community in February 2021. Some Wall Street analysts feel that this illustrates that the company has confidence in several sustainable tailwinds, which should help improve the long-term outlook.
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.