Cathie Wood-led ARK Investment Management sold over 41,000 shares of chip-manufacturer NVIDIA Corporation (NASDAQ: NVDA) at an estimated valuation of over $6.5 million based on Thursday’s closing price. 

The sale was done through the ARK Innovation ETF (NYSE: ARKK). Nvidia is the 29th largest holding of the fund that has Zoom Video Communications Inc (NASDAQ: ZM), Tesla Inc (NASDAQ: TSLA) and Roku Inc (NASDAQ: ROKU) as its top holdings.

The sale comes in the wake of the chipmaker reporting a 17% fall in its third-quarter revenue at $5.93 billion. NVIDIA reported earnings per share of 58 cents during the quarter, down 50% year-over-year. The earnings per share figure also missed a Street estimate of 69 cents per share.

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Gaming segment revenue stood at $1.57 billion for the third quarter, down 51% year-over-year. However, the good news was the company reported a 31% jump in its data center revenue at $3.83 billion.

NVIDIA is guiding for fourth-quarter revenue of $6 billion, plus or minus 2%. The Street estimate stands at $6.09 billion, according to data from Benzinga Pro. Shares of Nvidia have gained 31% over the last month.

Wood’s funds have been selling Nvidia shares ahead of the earnings announcement by the company. On Nov. 9, ARK sold over 323,000 shares of the company at an estimated valuation of over $44 million. Before that, on Oct. 20, the ARK Innovation ETF had sold over 59,000 shares of the chipmaker.

Other Sale: ARK’s funds also sold over 115,000 shares of Proto Labs Inc (NYSE: PRLB) at an estimated valuation of over $2.7 million, based on Thursday’s closing price. Shares of the company have lost over 37% in the last month.

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