A couple of ARK exchange-traded fund run by ETF star Cathie Wood bought over 1.3 million shares of Twitter Inc. (NYSE: TWTR) shares on Friday, as the price of these ETFs were down about 1% in Friday’s session. These ETFs are up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 843,194 shares of Twitter and ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 468,256 shares. At Friday’s closing price this would have valued this purchase at roughly $72.4 million. This is only a small fraction of the total holdings. ARKK is up 122% over the past 52 weeks and ARKW is up 129%.
24/7 Wall St. recently reported on Twitter:
Twitter Inc. (NYSE: TWTR) has faced many questions over the years about its user base and how to monetize it. Also, coming off the Trump administration, many were concerned that engagement on the platform would drop off. One analyst thinks differently.
Truist Securities has upgraded Twitter to a Buy rating from Hold and raised its price target to $74 from $64. That implies upside of 21% from the most recent closing price of $61.26 a share. The brokerage firm noted that its upgrade is predicated on a few things:
- Higher revenue growth ests (25% CAGR thru FY23 vs. 20% previously),
- The most exciting product roadmap we’ve ever seen out of the company with Topics, Fleets etc, on the back of recent tangible tech platform and operational improvements,
- Double digit growth in mDAUs and greater traction with advertisers, particularly DR and SMEs; and
- Attractive valuation with the stock off 22%+ since AD on 2/25, trading at 8x EV/Rev and 20x EV/Adj. EBITDA on our FY22 ests.
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 a673b.bigscoots-temp.com.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
