Cathie Wood’s investment firm ARK has snapped up shares of Trade Desk Inc (NASDAQ:TTD), a stock that plummeted in value last week on weak fourth quarter guidance.
ARK’s Innovation ETF( ARKK) on November 10 spent about $34 million on 542,620 shares of Trade Desk, according to a trading update released on Saturday.
This marks the fund's first purchase by this fund of Trade Desk shares.
ARK’s Next Generation Internet ETF (ARKW) also purchased 68,935 shares of Trade Desk for about $4 million.
This fund has been a repeat buyer of Trade Desk shares since June.
Trade Desk shares traded down 1.8% at US$62.85 early on Monday afternoon but are up 42.8% in the year to date.
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