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.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
