Snapchat application shown on iPhone
Jirapong Manastrong/Dreamstime.com
Exchange-traded funds under the ETF umbrella of star investor Cathie Wood bought 462,490 shares of Snap , the parent of Snapchat that has been hard hit by privacy changes introduced by Apple .
Wood’s ARK Next Generation Internet ETF (ticker: ARKW) purchased 301,671 Snap shares on Monday, according to the daily trades posted by the ARK funds. The Ark Fintech Innovation ETF
(ARKF) bought 160,819 shares.
Snap (SNAP) closed Monday at $54.50, down 1.16%. At that price, Wood’s funds paid more than $25.2 million for the shares. Snap was rising in premarket trading Tuesday, up 1.6% to $55.38, getting a lift from positive earnings from Facebook (FB).
Snap shares plunged last week after the company issued disappointing third-quarter financial results and an outlook for the fourth quarter that fell well short of expectations.
Snap blamed the miss in part on changes in Apple’s advertising tracking practices that make it harder to track consumer behavior across apps and websites.
“Our advertising business was disrupted by changes to iOS ad tracking that were broadly rolled out by Apple in June and July,” the company said in remarks prepared for its earnings conference call. “While we anticipated some degree of business disruption, the new Apple-provided measurement solution did not scale as we had expected, making it more difficult for our advertising partners to measure and manage their ad campaigns for iOS.”
Read more: Snap’s Financial Update Was So Bad, Facebook and Twitter Stocks Are Falling, Too
The ARK Next Generation Internet ETF sold 19,568 shares of PayPal (PYPL), according to the trading update released Monday. The ARK Fintech Innovation ETF sold 138,370 shares of PayPal and 336,715 shares of Pinterest (PINS).
PayPal said this week it wasn’t pursuing an acquisition of digital pinboard site Pinterest “at this time,” following reports it was in discussions.
Write to Joe Woelfel at [email protected]
