4 Fastest Growing Blue Chip Stocks

Blue chip stocks can be an ideal addition to your portfolio if you are risk-averse. These companies enjoy a favorable reputation and historic stability in the markets. Based on the latest activity, these 4 blue chip stocks have been gaining fast.

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Gold: Now Legal Tender

Cathie Wood Prop For Roku? Ark Swoops Up $107.5M Worth Of Shares After 24% Plunge But Sells These 2 Crypto-linked Stocks

Shanthi Rexaline
February 17, 2024

Streaming device manufacturer Roku, Inc.’s (NASDAQ:ROKU) shares took a tumble on Friday after the company reported a year-over-year decline in fourth-quarter average user spending and issued a disappointing guidance for the first quarter. Undeterred by the sell-off, Cathie Wood’s Ark Invest significantly increased its exposure to the company.

Ark Goes Roku Shopping: Ark, through three of its actively-managed exchange-traded funds, the Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:AKRW) and Ark Fintech Innovation ETF (NYSE:ARKF), bought 1,492,781 Roku shares in aggregate.

At Roku’s closing price of $72 on Friday, the purchase was worth $107.48 million.

Roku is the third-biggest holding in Ark’s flagship ETF, the ARKK, with a portfolio weighting of 7.39%. ARKK alone holds about $621.5 million worth of Roku shares.

Close on the heels of Roku’s results, sell-side analysts cut their price targets for the stock, citing the muted outlook for platform growth and operating costs for the remainder of the year.

Ark also was a heavy buyer of online personal finance company SoFi Technologies, Inc. (NASDAQ:SOFI). ARKK and ARKF, together, added 2,070,380 SoFi shares valued at $17.31 million.

See Also: Best Growth ETFs Right Now

Robinhood, Coinbase Shunned: Ark, however, trimmed stake in two crypto-linked stocks Robinhood Markets, Inc. (NASDAQ:RH) and Coinbase Global, Inc. (NASDAQ:COIN). The liquidations came despite the two stocks rallying strongly this week on the back of their quarterly results.

  • On Friday Ark sold 480,166 Robinhood shares worth $6.72 million.
  • The firm trimmed its Coinbase shares by 499,149 shares or $90 million, (in terms of value).

Ark’s flagship ARKK ETF closed Friday’s session down 2.54% at $50.33, according to Benzinga Pro data.

Read Next: Cathie Wood’s Ark Sells Coinbase Shares Amid Bitcoin Rally Despite Surprise Quarterly Profit — Nvidia, Alphabet Stocks Also Shed

Photo: Shutterstock

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