Why Block Stock Popped Today
Fintech giant Block (NYSE: SQ) -- the company formerly known as "Square" -- was trading 2.5% higher as of 11:30 a.m. ET Wednesday after growth investing aficionado Cathie Wood revealed that she spent just under $5 million Tuesday to acquire just over 82,000 shares.
Cathie Wood's ARK Innovation ETF (NYSEMKT: ARKK) hasn't been doing so hot this year: It's down by 57% since 2022 began. Nevertheless, a lot of growth stock investors still look to Wood for clues about which way the tech winds are blowing, and some imitate her trades, which she publishes on Ark's website with little delay.
Wood's funds bought Block stock pretty aggressively throughout most of May (nearly 355,000 shares acquired) -- but then abruptly halted purchases after the stock topped $80 a share late in the month. So those who follow her probably took notice when Wood resumed buying Block this week.
Source Fool.com
