Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares
On Thursday, Cathie Wood-led Ark Invest made a significant purchase of SoFi Technologies Inc (NASDAQ:SOFI) shares, amidst a volatile market environment for the company. This move comes in the wake of Morgan Stanley’s recent downgrade of SoFi, citing overly optimistic expectations for the company’s banking business.
The SoFi Trade
Ark Invest, through its Ark Fintech Innovation ETF (NYSE:ARKF) fund, purchased 133,191 shares of SoFi Technologies. The transaction was valued at $1.2 million based on the stock’s closing price of $9.09.
This decision comes despite Morgan Stanley’s analyst Jeffrey Adelson expressing concerns about the company’s banking business, suggesting it might not yield as high returns as initially anticipated.
See Also: Cathie Wood’s Ark Invest Continues To Sell Shares Of Warren Buffett-Backed BYD, Coinbase Holdings
Other Key Trades:
- Ark Invest’s ARK Genomic Revolution ETF (BATS:ARKG) fund bought 25,078 shares of Accolade Inc (NASDAQ:ACCD).
- ARKG fund sold 916 shares of Surface Oncology Inc (NASDAQ:SURF).
These trades reflect Ark Invest’s ongoing strategy of investing in innovative companies, while also adjusting its holdings based on market trends and company performance.
Read Next: SoFi Technologies Has Back-End Risks, It’s Difficult To Justify Owning It: Analyst
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