Cathie Wood-led Ark Investment Management on Tuesday trimmed its stake in streaming video-on-demand company Netflix Inc. NFLX despite earlier this month spelling out a bull case for its gaming foray and loaded up some shares in pure-play gaming company Roblox Corp. RBLX instead.
The investment management firm said in a note last week that even if Netflix managed to grab a “fraction” of the highly-competitive video-gaming market, it would see a “meaningful increment” in revenue.
Wood’s firm sold 21,937 shares in Netflix via Ark Next Generation Internet ETF ARKW, estimated to be worth around $11.4 million. The firm bought 151,161 shares, worth approximately $11.5 million in Roblox via ARKW.
Here’re some of Ark’s other key trades from Tuesday:
Sold 537,196 shares in Skillz Inc. SKLZ via ARK Innovation ETF ARKK.
Bought 232,372 shares in Draftkings Inc. DKNG via ARKW.
Sold 989,436 shares in JD.com Inc. JD via ARK Autonomous Technology & Robotics ETF ARKQ, Ark Fintech Innovation ETF ARKF, and ARKW.
Sold 909,091 shares in Pinduoduo Inc. PDD via ARKF and ARKW.
See also: How to Buy Netflix Stock
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