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On Thursday, Cathie Wood-led Ark Invest made significant trades in Amazon.com Inc (NASDAQ:AMZN) and Reddit Inc (NYSE:RDDT), amidst notable developments in both companies.
The Amazon.com Trade: Ark Invest’s ARK Next Generation Internet ETF (NYSE:ARKW) fund purchased a substantial 53,368 shares of Amazon. This move comes in the wake of Amazon’s recent acquisition of NBA media rights as part of a $76 billion 11-year deal. This strategic move is expected to boost subscriber numbers for Amazon’s Prime Video streaming platform. The value of this trade, based on Amazon’s closing price of $185 on Thursday, is approximately $9.9 million.
The Reddit Trade: In a separate transaction, The firm’s Ark Fintech Innovation ETF (NYSE:ARKF) fund bought 1,312 shares of Reddit. This purchase coincides with Reddit’s recent announcement of an expanded partnership with customer experience management platform company Sprinklr. This partnership will enable Sprinklr customers to access Reddit’s full advertising suite and integrate Reddit into their enterprise advertising strategies. The value of this trade, based on Reddit’s closing price of $63.46 on Thursday, is approximately $83,200.
Other Key Trades:
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
