Shares of Zoom Video Communications (NASDAQ:ZM) jumped sharply on Friday. As of 11:30 a.m. EDT, the inventory was up about 4.5%.
Shares of the video collaboration platform specialist have been possible up for 2 main causes. First, the broader market was up properly on Friday — particularly many growth stocks like Zoom. Second, Cathie Wooden’s Ark Innovation ETF, which grew in reputation in 2020 when the exchange-traded fund crushed the market because it wager closely on progressive and fast-growing corporations, reportedly bought over 96,000 shares of the corporate on Thursday. This information could have helped spark curiosity from extra traders.
Wooden’s significant buy of Zoom inventory on Thursday could also be a bullish sign for some traders who’ve come to understand her daring bets. This may occasionally have led to another traders shopping for Zoom inventory on Friday in an try and observe in Ark Funding’s footsteps.
So far as the general market on Friday, the S&P 500 was up about 0.7% as of this writing. The tech-heavy Nasdaq Composite, nevertheless, was up 1.4%. A bullish day for tech possible helped Zoom inventory.
Zoom not too long ago reported stellar fiscal first-quarter outcomes, with income throughout the interval hovering 191% 12 months over 12 months to $956.2 million.
“Work is not a spot, it is a house the place Zoom serves to empower your groups to attach and produce their greatest concepts to life,” mentioned Zoom CEO Eric Yuan within the firm’s fiscal first-quarter earnings launch. “We’re energized to assist lead the evolution to hybrid work that enables better flexibility, productiveness, and happiness to each in-person and digital connections.”
It isn’t shocking to see Ark Make investments buying the dip in Zoom stock, because the video collaboration firm is the kind of innovator Cathie Wooden usually bets on.
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