Cathie Wood's Ark Invest bought 172,894 shares of Pinterest (PINS) -) Monday, a move that, based on the stock's closing price of $37.70, was valued at roughly $6.5 million.
Ark's flagship Innovation ETF made the bulk of the purchase, alone snapping up 161,110 shares of Pinterest. The move represents a small boost to Ark's small holding in the company — the fund's Pinterest holding, made up of just 613,653 shares, is valued at around $23.1 million and weighted at .25% of the ETF.
It is among the smallest holdings in the fund, placing at 33 of 35 names.
Related: Cathie Wood snaps up 800,000 shares of struggling social-media stock
Ark Innovation is still led by prominent holdings in Coinbase (COIN) -), UIPath (PATH) -) and Tesla (TSLA) -), which together make up around 25% of the portfolio's weight.
Shares of Pinterest, up roughly 56% so far, have been surging throughout the year. The stock notched a new 52-week high of $38.20 Tuesday before dipping slightly.
The company in April announced a new partnership with Amazon (AMZN) -) to bring third-party ads to the platform.
The stock has achieved a consensus hold rating, with an average price target of $37.08.
New Street Research last month raised the stock to a "buy" rating, boosting its price target to $48.
"A lot of people are focused right now on what Pinterest is doing with Amazon — that's a big positive for them," New Street analyst Dan Salmon told CNBC last month. "The thing we don't think people are focused on enough is the fact that they're going to be able to save money on their sales expense by partnering with Amazon and bringing in other partners later. It's underappreciated."
Pinterest in October reported third-quarter revenue of $763 million, an 11% year-over-year growth. The company at the same time noted 482 million global monthly active users, a record high.
Still, Pinterest posted a slight loss for the third quarter, noting total costs and expenses of $768 million.
The company said in a statement that it expects revenue growth of at least 11% for the current quarter.
"Our users are engaging deeply and we’re delivering better results for advertisers through improved measurement and innovation across the full funnel," CEO Bill Ready said in a statement at the time. "We’re making significant progress and are continuing to execute on the opportunity ahead.”
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