Investing.com – Cathie Wood’s still got the power to move stocks. Pinduoduo (NASDAQ:PDD) rose 4% bolstered by news that her ARK Next Generation Internet ETF has bought almost 200,000 shares of the company.]
ARK Investment’s exchange-traded funds rallied hugely over the past year as Wood’s garnered increasing attention from the market. Last month, ARK ETFs tumbled, as investors panicked amid a selloff of government bonds that led long-term yields higher and the dumping of tech stocks, many held by ARK, the Wall Street Journal reported Tuesday.
The ARK Next Generation Internet ETF in question rallied almost nonstop from 2015 until last month. It was up some 250% from March 2020 until February, and is down about 15% since then.
Pinduoduo is a China-focused online marketplace for agricultural products. It will report fourth quarter and annual earnings on Wednesday. Earlier this month, the company reported doubling of agricultural orders it handled last year, exceeding the its earlier estimate as the pandemic pushed more people to order food and groceries online.
The company recorded more than 270 billion yuan ($42 billion) in agriculture-related GMV in 2020, up from 136 billion yuan in 2019.