Popular investor Cathie Wood’s ARK Invest ETFs (exchange-traded funds) snapped up 738,367 shares of The Trade Desk (TTD) on Tuesday, August 12, a $39.27 million purchase that topped its list of trades for the day.
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The buy came just days after the digital ad-tech company posted second-quarter results, showing slower revenue growth, which sent the stock lower by about 40% on Friday, August 8. That same day, ARK Innovation ETF (ARKK) picked up 210,664 TTD shares worth $29.5 million, extending its recent buying streak and signaling confidence in The Trade Desk’s long-term outlook.
In addition to TTD, the firm also made other notable moves across tech and biotech stocks.
Is TTD Stock a Good Buy?
Wall Street has a Moderate Buy consensus rating on Trade Desk stock based on 17 Buys, 11 Holds, and two Sells. The average TTD stock price target of $76.88 indicates 44.58% upside potential.
Tech and Biotech Buys Signal Ongoing Growth Bets
Another sizable purchase was in Pinterest (PINS), where ARK snapped up 643,406 shares valued at $22.0 million. Pinterest has been a regular addition to ARK’s portfolio in recent sessions, showing confidence in the company’s ability to make money.
In biotech, ARK Innovation ETF added 128,896 shares of CRISPR Therapeutics (CRSP) worth $714,567.
ARK Trims Stakes in These Stocks
On the sell side, ARK reduced its position in Block (XYZ), unloading 215,543 shares for $15.74 million, the largest sale of the day. DraftKings (DKNG) followed, with ARK exiting 221,203 shares worth $9.45 million.
Other notable sales included Robinhood Markets (HOOD), Palantir Technologies (PLTR), Roblox (RBLX), and Shopify (SHOP).
Let’s take a brief look at how all these stocks perform on TipRanks’ Stock Comparison Tool.
