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Shares of cloud-based communications software provider Twilio, Inc. TWLO tumbled 13.5% Friday after the company issued below-par guidance for the September quarter.
Undeterred by the plunge, Cathie Wood -owned Ark Invest on Friday bought heavily into the stock. The fund’s flagship ETF, the ARK Innovation ETF ARKK bought 307,061 Twilio shares.
The ARK Next Generation Internet ETF ARKW purchased 50,407 shares and the ARK Fintech Innovation ETF ARKF added 32,028 shares.
Ark’s cumulative Twilio buy on Friday amounted to 389,496 shares, valued at about $33.1 million, based on Friday’s closing price.
Read Benzinga’s story on Cathie Wood’s prediction of the bear market ending soon
Commenting on the results, Oppenheimer analyst Ittai Kidron said he continues to be bullish on the stock despite the weak third-quarter guidance. The company appears on track to meet its fiscal-year 2022 target of 30% organic revenue growth, benefiting from the “Engage” launch and higher political activity in the fourth quarter, he added.
After slumping 13.51% to $84.92 on Friday, Twilio stock added 0.59% to $85.42 in after-hours trading, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.