Cathie Wood’s ARK Snaps Up Adyen Shares After Record Meltdown
- ARK funds add to Adyen holdings after earnings-fueled plunge
- Adyen shares headed for an eighth straight day of declines
A contactless payment processing device in the Adyen headquarters in Amsterdam, Netherlands.
Photographer: Jasper Juinen/BloombergThis article is for subscribers only.
Cathie Wood extended her bet on Dutch payment processing company Adyen NV just after a growth slowdown sent the stock down by almost half to its lowest level in three years.
A daily trading report from Wood’s ARK Investment Management showed that two of the firm’s exchange-traded funds snapped up Adyen stock on Monday, worth about $9 million based on closing prices. One added nearly 2,900 Amsterdam-listed shares, while another bought about 733,000 American depositary receipts, which trade over the counter in the US.