Cathie Wood's Ark Invest Increases Stake in Block Stock
Investor Cathie Wood, through her firm Ark Invest, has significantly increased its position in Block (NYSE: XYZ) stock. On August 17, as the company’s shares fell by 3%, Ark added $15 million worth of Block shares across several ETFs. This purchase follows a similar investment made just one week earlier when Wood bought $21 million in Block after a 6% drop following its financial results. Block is now among Ark Invest's top cryptocurrency-related holdings and ranks as the second-largest position in the ARKF fund, with a weighting of 6.47%. The company recently raised its full-year profit forecast to $12.51 billion, reflecting an expected annual growth rate of 21%. XYZ stock has surged by 50% over six months and is up 24% year-to-date as investor confidence in the fintech firm continues to grow.
Topics: Ark Invest Block (NYSE: XYZ) Cathie Wood ETF Holdings