Cathie Wood’s Ark Invest Buys $16M Worth Of Shares Of Flying Taxi Company Archer Aviation — Sells Shopify Stock Worth Millions – Cisco Systems (NASDAQ:CSCO), Exact Sciences (NASDAQ:EXAS), Recursion Pharmaceuticals (NASDAQ:RXRX), ARK Innovation ETF (ARCA:ARKK), Shopify (NYSE:SHOP), Archer Aviation (NYSE:ACHR), ARK Genomic Revolution ETF (BATS:ARKG), Tesla (NASDAQ:TSLA), Ginkgo Bioworks Holdings (NYSE:DNA), Wolfspeed (NYSE:WOLF), StoneCo (NASDAQ:STNE), Intellia Therapeutics (NASDAQ:NTLA), Walmart (NYSE:WMT) – Benzinga

Posted on August 20, 2023 by Design in Design Innovation | 0 Comments

On Tuesday, Cathie Wood-led Ark Invest continued to purchase shares of Archer Aviation Inc ACHR, a flying taxi company. This move comes a day after Ark Invest’s significant purchase of Archer shares.

The Archer Aviation Trade: Ark Invest acquired a substantial number of shares of Archer Aviation for the second consecutive day. The trade, made through the ARK Innovation ETF ARKK, was valued at $16 million, based on Archer’s closing price of $5.94.

The firm’s interest in Archer has been evident, especially after the eVTOL aircraft maker recently secured a $215 million equity investment from industry giants like Boeing Co, Stellantis N.V., and United Airlines. This investment boosted Archer’s total funding to over $1.1 billion.

Furthermore, Archer’s Midnight eVTOL aircraft received FAA approval, and the company announced a collaboration with Boeing and Wisk Aero for autonomous flight technology. Adam Goldstein, CEO of Archer, expressed optimism about the U.S. government’s commitment to eVTOL aircraft and the collaboration with industry leaders.

In addition to the Archer Aviation acquisition, Ark Invest also made a notable decision to sell shares of Shopify Inc SHOP. The Innovation ETF sold Shopify shares worth $10.08 million, based on the stock’s closing price of $55.34 on Wednesday.

Shopify’s stock has been on a rollercoaster ride, especially after the company’s second-quarter results. Despite reporting a 31% year-over-year increase in revenue and surpassing analyst estimates, Shopify shares experienced volatility. The company’s president, Harley Finkelstein, highlighted the firm’s strong financial results and emphasized their focus on expanding the global merchant base.

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