One of the top-performing ETFs of the year bought the dip in Fastly Thursday.
What Happened: After pre-announcing third quarter earnings, Fastly Inc (NYSE: FSLY) saw shares drop 30% after-hours on Wednesday.
That dip led to the opportunity for the Ark Next Generation Internet ETF (NYSE: ARKW) to take a stake in the company.
The Ark Next Generation Internet ETF, led by Cathie Wood, bought 304,300 shares of Fastly. This represents a current stake of $27.3 million, around 1% of the fund’s assets.
The fund also bought small amounts of Palantir Technologies (NYSE: PLTR) and Zoom Video Communications (NASDAQ: ZM) on Thursday.
The ETF sold part of its stake in Tesla Inc (NASDAQ: TSLA), which is its top holding.
The Next Generation Internet ETF is known for its bullish take on the electric vehicle maker, and the stock has been the ETF’s top holding