TLDR
- Ark Invest bought 267,676 Block shares worth about $21 million after the stock fell 6.15%.
- Block closed Thursday at $79, following its latest second-quarter earnings report.
- Block reported $6.62 billion in revenue, up 9% year-over-year, while adjusted EPS rose 65% to $1.02.
- Ark Invest also bought about $2.3 million in SpaceX shares across four of its ETFs.
- Ark sold 39,509 Bullish shares worth roughly $910,000 as the crypto exchange stock declined 3.36%.
Cathie Wood’s Ark Invest bought about $21 million worth of Block Inc. (XYZ) shares after the fintech stock fell more than 6% on Thursday. The purchase came one day after Block reported second-quarter results that beat revenue and earnings estimates.
Ark Invest added 267,676 Block shares across ARKK, ARKW, and ARKF. Block closed at $79 after dropping 6.15%, placing the value of Ark’s latest purchase near $21 million. The trade increased Ark’s exposure to the Jack Dorsey-led payments company during a sharp daily pullback.
Ark Invest Adds Block Shares Across Three ETFs
Block remains a notable holding in Ark’s funds. In ARKW, the company ranks as the tenth-largest position, with a value of about $60 million and a 3.51% portfolio weight.
Ark limits each holding to less than 10% of a fund’s portfolio. The rule helps the firm spread exposure across different companies while maintaining its investment strategy.
Block Reports Higher Revenue and Profit
Block reported second-quarter revenue of $6.62 billion, up 9% from a year earlier. Adjusted earnings per share rose 65% to $1.02, while gross profit increased 25% to $3.17 billion.
Despite the stronger results, Mizuho raised concerns about operating costs. The firm expects Block’s adjusted operating expenses to rise from $4.48 billion in the first half to $4.56 billion in the second half. Block had cut about 40% of its workforce in February.
Ark Also Trades SpaceX and Bullish
Ark also bought 20,318 SpaceX shares across four ETFs. The purchase was worth about $2.3 million based on Thursday’s closing price of $114.92.
SpaceX shares gained 6.14% after falling 13.6% a day earlier. Investors had focused on $18.4 billion in second-quarter capital spending, six times the prior-year level. Ark also sold 39,509 Bullish shares through ARKW, worth about $910,287. Bullish closed Thursday at $23.04 after falling 3.36%.
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