Cathie Wood's Ark Investment Management has purchased 139,236 shares of DoorDash (DASH), according to TipRanks, marking the first time the popular investment firm has gained exposure to the food-delivery company's stock.
The transaction was made on Monday. Based on the DASH average trading price on the day, Ark would have likely bought shares worth $43.6 million.
In the same trade, Ark also reportedly bought over $18 million worth of shares of Nvidia (NVDA). The fund manager sold stakes in Meta Platforms (META) and the newly-listed Circle Internet Group (CRCL).
Ark's investment in DoorDash follows a massive acquisition deal by the company to expand its food delivery operations.
Last month, it agreed to acquire the UK's Deliveroo for $3.8 billion, pending approvals. Following the announcement, several analysts raised their price targets on its stock.
DoorDash also announced a smaller $175-million acquisition of ad tech platform Symbiosys last week.
On Stocktwits, the retail sentiment for DASH was 'bullish,' unchanged from the previous day.
Doordash is seeing momentum in its business. It reported annual net income for the first time last year, alongside strong fourth-quarter results.
DASH shares are up 32.2% year-to-date.
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