Why Zoom Stock Was Zooming on Wednesday
Battered by the recent tech stock rout, Zoom Video Communications (NASDAQ: ZM) was reversing course dramatically on Wednesday. Thanks largely to a high-profile investor's buy, the teleconferencing company's shares were up by nearly 10% in late afternoon trading.
That buyer is none other than Cathie Wood, the closely followed CEO of investment management firm ARK Invest. It came to light that ARK Invest's ARK Innovation ETF (NYSEMKT: ARKK) scooped up just over 19,000 Zoom shares on Tuesday, the second straight day it had purchased the company's stock.
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Source Fool.com
