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Cathie Wood-led ARK Investment Management dumped over 200,000 shares of Spotify Technology SA (NYSE:SPOT) on Friday via two of the company’s exchange-traded funds (ETFs). The share sale was valued at over $18 million, based on the latest closing price.
Spotify is the 27th largest holding in the flagship ARK Innovation ETF (NYSE:ARKK) valued at over $63 million with a weight of over 0.84%, according to data provided by the company.
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On Sept. 20, Spotify launched its audiobooks in the U.S. and said listeners would be able to purchase and listen to more than 300,000 audiobook titles. The company said it sees a substantial untapped market for audiobooks arguing that while the category represents just a 6–7% share of the broader book market, it is growing by 20% year-over-year.
Also Read: How To Buy Spotify Stock
However, Spotify analyst Justin Patterson from KeyBanc Capital Markets said in a note audiobooks could be immaterial to Spotify’s performance into the year-end and likely in 2023, too.
Price Action: Spotify shares have lost more than 64% since the beginning of this year. The stock has shed over 15% in the last month.
Major Purchase: Wood continued to buy shares of software-maker UiPath Inc (NYSE:PATH), accumulating over 1.2 million shares of the company at a valuation of over $15 million, based on Friday’s closing price. The purchase was done via six different ETFs. UiPath shares have lost over 70% since the beginning of the year. However, ARK has been bullish on the company and has been loading up on its shares throughout September.
Read Next: ARK Invest Short Sellers Have $2.3B In Profits So Far In 2022
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.