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Investing

Cathie Wood’s ARK Invest Sells Over 280,000 Shares of Square

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By Chris Lange Published
Cathie Wood’s ARK Invest Sells Over 280,000 Shares of Square

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A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge sell on Wednesday. Accordingly these funds sold nearly 280,000 shares of Square Inc. (NASDAQ: SQ | SQ Price Prediction) shares on Wednesday, as the price of these ETFs dropped less than 1% in the session. Note that this ETF is still up over 100% in the last year.

ARK Innovation ETF (NYSEARCA: ARKK) sold 185,396 shares of Square, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) sold 94,679 shares. At Wednesday’s closing price this would have valued this sale at roughly $71.2 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 136% in the last year and ARKW is up 148%.

24/7 Wall St. recently reported on Square:

Square Inc. (NYSE: SQ) comes in at number two on Cathie Wood’s list. ARK Invest holds 10.26 million shares valued up to $2.68 billion. ARKK holds 6.66 million shares, ARKF holds 1.89 million shares and ARKW holds 1.71 million shares.

Square stock recently traded near $269, with a consensus price target of $267.86. The 52-week trading range is $56.63 to $283.19.

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.

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Photo of Chris Lange
About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

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