Katie Wood, led by Ark Investment Management, acquired additional shares in the company on Monday. Pinduoduo Inc (NASDAQ: PDD) and JD.com Inc (NASDAQ: JD) – competitors Alibaba Group Holding (NYSE: BABA) in e-commerce and online grocery stores in China.
Wood’s firm is ramping up shares in rivals Alibaba, some of which now account for the bulk of its assets compared to the company led by Jack Ma, whose shares have dropped more than 20% since October 2020 due to problems with the Chinese government.
See Also: Katie Wood Can’t Get enough of These Three Chinese Alibaba Rivals
On Monday, the investment firm bought 126,988 shares in Chinese e-commerce giant Pinduoduo for about $ 16.9 million at the end of the day.
Pinduoduo shares closed down 0.37% on Monday at $ 133.43.
IN Ark Fintech Innovative ETF (NYSE: ARKF) closed the deal on Monday. Prior to Monday’s trading, ARKF held 573,550 shares of PDD worth about $ 76.8 million, representing 1.85% of the ETF’s weight.
The Shanghai-based company, known as China’s largest agricultural platform, launched Duo Duo Grocery, a next-day grocery delivery service last year. Farmers display their fruits and vegetables for direct sale to consumers.
The New York hedge fund also bought 143,481 shares for about $ 11.2 million from JD.com. IN ETF of Autonomous Technologies and Robotics (BATS: ARKQ) and Space Exploration and Innovation ETF (BATS: ARKX) made trades.
JD.com shares closed 0.44% lower at $ 77.02 on Monday and 0.42% lower after the close.
The Beijing-headquartered company operates one of two major online B2C retailers in China and is a major competitor to Tmall, operated by Alibaba.
The Ark also piled on the company’s mobile gaming platform Skillz Inc (NYSE: SKLZ) – Purchase of 720,962 shares for approximately $ 11.9 million. Skillz closed down 5.71% at $ 16.52.
Wood is buying stock on downturns and is optimistic for the company despite the recent negative reporting of short selling on its business model.
See Also: Why Is Katie Wood Optimistic About Skillz?
Other Ark purchases on Monday:
- StoneCo Ltd (NASDAQ: STNE)
- Recursion of pharmaceuticals (NASDAQ: RXRX)
- Repare Therapeutics Inc (NASDAQ: RPTX)
- UiPath Inc (NYSE: WAY)
- Zymergen Inc (NASDAQ: ZY)
- CM Life Sciences II Inc (NASDAQ: CMIIU)
- Ionis Pharmaceuticals Inc (NASDAQ: IONS)
- Iridium Communications (NASDAQ: IRDM)
- Twitter Inc (NYSE: TWTR)
- Beam Therapeutics Inc (NASDAQ: BEAM)
- Vuzix Corp. (NASDAQ: VUZI)
- Unity Software Inc (NYSE: U)
- Galileo Acquisitions Corp. (NYSE: GLEO)
- 3D Systems Corp. (NYSE: DDD)
- Tencent Holdings Ltd (OTC: TCEHY)
- Fastly inc (NYSE: FSLY)
- Roblox Corp. (NYSE: RBLX)
Another Ark is on sale on Monday:
- Intercontinental Exchange Inc (NYSE: ICE)
- Thermo Fisher Scientific Inc. (NYSE: TMO)
- Rosh Holding AG (OTC: RHHBY)
- Regeneron Pharmaceuticals Inc (NASDAQ: REGN)
- Pluristem Therapeutics (NASDAQ: PSTI)
- Pure Storage Inc (NYSE: PSTG)
- Novartis AG (NYSE: NV)
- Freesia (NYSE: PHR)
- PACCAR (NASDAQ: PCAR)
- Baidu Inc (NASDAQ: BIDU)
- Teledyne Technologies Inc. (NYSE: TDY)
- Trade Desk Inc (NASDAQ: TTD)
- Roku Inc (NASDAQ: ROKU)
- Silvergate Capital (NYSE: SI)
- Agora Inc. (NASDAQ: API)
- Adyen NV (OTC: ADYEY)
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