Cathie Wood’s ARK Invest ETFs (exchange-traded funds) bought $19.2 million worth of Block stock (XYZ) yesterday, according to ARK’s daily trade disclosures. The ace hedge fund manager appears to be buying the dip, as the fintech company’s shares dropped to $73.03, their lowest level since July 18.
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Meanwhile, ARK funds continued to accumulate shares of gene-editing company, CRISPR Therapeutics (CRSP), adding 1,415 shares. The firm also purchased 59,880 shares of biotechnology company Personalis (PSNL) and 23,970 shares of pharmaceutical company Compass Pathways (CMPS).
On the sell side, the largest trade of the day was the sale of 69,973 shares of Canadian e-commerce platform, Shopify (SHOP), totaling $10.3 million. Wood appears to have capitalized on the recent rally in SHOP stock, which has surged over 20% since August 6. Shopify recently reported solid beat-and-raise results for the second quarter of fiscal 2025.
Wood also continued dumping shares of Guardant Health (GH), selling 7,200 shares. This move is consistent with her recent selling streak in the company.
Here’s how these stocks perform on TipRanks’ Stock Comparison Tool:
Wood Pours Millions into Block Stock
Block offers a wide range of financial services, including payment processing, point-of-sale systems, and financial products for businesses. Importantly, Block has made accumulating Bitcoin reserves one of its long-term strategic goals.
Wood’s flagship ARK Innovation ETF (ARKK) bought 152,980 shares of Block. The ARK Next Generation Internet ETF (ARKW) acquired 69,526 shares, while the ARK Fintech Innovation ETF (ARKF) purchased 39,957 shares.
The move is notable because Wood had recently been offloading Block stock from various ARK funds, during a period when the share price was rising. Over the past three months, XYZ stock has surged nearly 33%, in line with bitcoin’s rising prices. In Q2, the company reported a 14% year-over-year jump in gross profit and raised its full-year gross profit forecast.
Is Block Stock a Buy?
On TipRanks, XYZ stock has a Moderate Buy consensus rating based on 26 Buys, three Holds, and three Sell ratings. The average Block price target of $89.03 implies 21.9% upside potential form current levels. Year-to-date, XYZ stock has lost 14%.
