Cathie Wooden grills Hindenburg for ‘wildly deceptive’ traders and buys Block shares

• Wooden says Hindenburg’s latest quick report on Block was ‘wildly deceptive’.
• She purchased greater than 600,000 shares of the crypto firm late final week.
• Block shares are down nicely over 30% versus their year-to-date excessive at writing.

Block Inc (NYSE: SQ) was hit onerous final week after Hindenburg Analysis revealed a brief place within the crypto firm – a sell-off that Cathie Wooden noticed as a chance to increase her publicity to this inventory.

What number of Block shares did she purchase?

On Thursday, the influential investor mobilized three of her exchange-traded funds to load up on 338,000 shares of Block Inc.

She grilled the quick vendor for “wildly deceptive” traders as she shared a Twitter thread from an Ark affiliate Maximilian Friedrich that reads:

All monetary companies firms, together with banks, encounter and fight fraud, particularly throughout COVID – Sq. and Money App aren’t any exception, though the quick report makes it sound prefer it.

Ark spent $16 million to buy one other 263,562 of Block shares that at the moment are down nicely over 30% versus their year-to-date excessive.

Wall Road is bullish on Block shares

Wall Road seems to be siding with Cathie Wooden as nicely. The consensus obese score on Block shares suggests analysts view Hindenburg’s issues broadly as overblown. Ark’s Maximilian Friedrich additionally famous in his Twitter thread:

Whereas Money App seemingly was used for fraud throughout COVID, sarcastically, on this instance, Money App’s spending limits might need prevented the legal to money out much more of the funds.

Wooden additionally elevated her stake in Coinbase late final week after the crypto alternate confirmed that it obtained a Wells discover from the U.S. Securities and Alternate Fee for probably violating securities legal guidelines.

At writing, Coinbase inventory is down 20% versus its excessive at writing.