Cathie Wood-led Ark Investment Management shed its remaining exposure in Walt Disney Co DIS on Friday, a stock the firm first started buying in May of last year.
What Happened: St. Petersburg, Florida-based Ark Invest on Friday sold 108 remaining shares, estimated to be worth $10,560, based on Disney’s latest closing price.
Disney shares closed 3.7% higher at $97.78 on Friday, but the stock is down 43.7% since the popular money managing firm first bought shares in the Bob Chapek-led company.
Ark Invest began raising exposure in the Los Angeles, California-headquartered company, that runs entertainment parks and an online video streaming service, in May 2021, hoping to reap the benefits from the reopening of theme parks following shutdowns caused by the COVID-19 pandemic.
The popular investment firm also exited all its stake in Netflix Inc NFLX earlier this year.
The Walt Disney Company is headed into a shareholder battle as Mickey Mouse heiress Abigail Disney has been “quietly courting” institutional investors to challenge Chapek’s $32.5 million compensation at the company’s next shareholder meeting, The Wrap reported, citing sources.
Ark Invest also sold a bulk of its exposure in Matterport Inc MTTR, a developer of 3D spatial mapping tools that went public by merging with a SPAC in late July.
The investment firm sold 24,963 shares, worth $104,345, in Matterport on Friday. The firm held 28,213 shares prior to the trading on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.