Cathie Wood-led Ark Investment Management on Tuesday snapped up 108,653 shares, estimated to be worth about $18.87 million, in the media and entertainment company Walt Disney Co DIS on the dip.
Disney shares fell 1.93% to $173.69 on Tuesday.
Ark deployed the Ark Next Generation Internet ETF ARKW on Tuesday to buy the shares. Wood's firm debuted a stake in Disney stock about two months ago and held 151,851 shares, worth about $26.3 million, ahead of Tuesday's trade.
ARKW also bought 34,561 shares, worth about $18.7 million, in Netflix Inc NFLX as the stock of the video streaming company closed 1.43% higher at $541.64 on Tuesday.
ARKW held 80,907 shares in Netflix, worth about $43 million, ahead of Tuesday’s trade. Ark also holds 30,372 shares, worth about $16.2 million, in Netflix via its Ark Space Exploration & Innovation ETF ARKX.
Disney and Sony Group Corporation’s SONY Sony Pictures Entertainment had earlier this year announced a multi-year content licensing deal that will give Disney U.S. streaming and television rights for “Spider-Man” and other upcoming Sony movies after their initial streaming on Netflix.
Some of the other key Ark buys on Tuesday included Quantum-Si Inc QSI, UiPath Inc PATH and sells included JD.com Inc JD.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.