Ark Invest Buys $21M in Block After Stock Drops

Cathie Wood and her firm Ark Invest scooped up $21 million worth of Block shares on Thursday. The purchase came right after Block stock dropped 6.15 percent following its latest earnings report.

Investors reacted to rising operating expenses in the second quarter. The higher costs caught the market off guard because the company previously cut 40 percent of its workforce back in February to slim down operations.

Traders will want to watch whether Ark Invest continues to load up on shares during this price dip. Keep an eye on how Block manages its spending in the coming months as well.