Cathie Wood Watch: Ark Buys Shopify, Sells Twitter - TheStreet

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Asset manager Cathie Wood, chief executive of Ark Investment Management, continues to buy and sell some big-name stocks, as the equity market remains volatile.

On Monday, she bought Coinbase Global  (COIN) , the biggest U.S. cryptocurrency exchange; e-commerce titan Shopify  (SHOP) - Get Shopify, Inc. Class A Report; and real estate information firm Zillow  (Z) - Get Zillow Group, Inc. Class C Report.

 Meanwhile, she sold online arts-and-crafts retailer Etsy  (ETSY) - Get Etsy, Inc. Report, social-media stalwart Twitter  (TWTR) - Get Twitter, Inc. Report and retail/technology giant Amazon  (AMZN) - Get Amazon.com, Inc. Report.

-- Ark exchange-traded funds bought 45,237 shares of Coinbase. That stake was valued at $8.6 million as of Monday’s close. 

-- Ark funds purchased 13,534 shares of Shopify, valued at $9.4 million at Monday’s close. 

-- Ark Fintech Innovation ETF  (ARKF) - Get ARK Fintech Innovation ETF Report bought 53,411 shares of Zillow. That holding was valued at $3.1 million as of Monday’s close.

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On the selling side, 

-- Ark funds dumped 53,232 shares of Etsy. The shares were valued at $9 million at Monday’s close. 

-- Ark Next Generation Internet ETF  (ARKW) - Get ARK Next Generation Internet ETF Report unloaded 517,882 shares of Twitter, valued at $18.4 million as of Monday’s close. 

-- And Ark Space Innovation & Exploration ETF  (ARKX) - Get ARK Space Exploration & Innovation ETF Report sold 318 shares of Amazon. They were valued at about $977,000 at Monday’s close.

The biggest trading sum came from the Twitter sale. 

Morningstar analyst Michael Hodel is bullish on the San Francisco microblogging provider's stock, putting fair value at $58, compared with a recent quote of $35.52.

Twitter’s "effort to focus more on advertising opportunities will mix well with its balanced brand and direct response revenue base in the long run, allowing the firm to capture more small- and medium-size business ad revenue and tap further into e-commerce growth,” he wrote in a commentary last month.  

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Cathie Wood Watch: Ark Buys Shopify, Sells Twitter - TheStreet
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Wood County Schools Board of Education bond issue to appear on May primary ballot - WTAP-TV

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PARKERSBURG, W.Va. (WTAP) - Voters in Wood County will get to weigh in on the Wood County Schools Board of Education’s proposed bond issue in the May primary election.

This, after the Wood County Commission gave the green light for it to appear on the ballot.

Representatives of the Board of Education appeared before the Commission this morning to outline the proposal, which they say will not exceed $60,850,000.

The Board of Education says the money will be used for a number of projects, including a new Lubeck Elementary school building, a new consolidated elementary school in the Vienna area, a new consolidated elementary school in the north Parkersburg area, and improvements to athletic facilities at Parkersburg High School, Parkersburg South High School, and at Williamstown Middle and High schools...

Board of Education President Justin Raber says adding this bond will cost the average homeowner in Wood County $0.25/day.

Commissioner Bob Tebay expressed his disapproval, calling the proposal an “irresponsible” way of spending taxpayer dollars. He says he fears the projects will cost more than projected, citing the rising cost of building materials.

Raber says they partnered with Pickering and Associates on the cost analysis and that on past projects, they have reported coming in at around 5% of projected costs.

In the end, the Commission voted unanimously to leave the bond issue up to the voters of Wood County come May.

Copyright 2022 WTAP. All rights reserved.

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