Cathie Wood-led Ark Invest on Tuesday further reduced its exposure in Netflix Inc NFLX by about 71% as it shed 75,109 shares — estimated to be worth about $38.74 million — in the streaming video-on-demand service provider.
Netflix shares closed 0.79% lower at $515.84 on Tuesday.
The New York-based investment management group deployed the Ark Next Generation Internet ETF ARKW to sell the shares in Netflix and also holds a position in the stock via the Ark Space Exploration & Innovation ETF ARKX.
Together, the two ETFs held 104,780 shares, worth $54.48 million, in Netflix ahead of Tuesday’s trades. No other Ark ETF holds a stake in the company.
The popular asset manager also shed 19.8% of its overall position in chipmaker Nvidia Corp NVDA as it sold 42,642 shares- estimated to be worth about $8.5 million.
Shares of Nvidia closed 1.77% lower at $199.36 on Tuesday.
Ark Invest sold the shares in the chipmaker via ARKX and the Autonomous Technology & Robotics ETF ARKQ. No other Ark ETF holds a stake in the company.
Together, the two ETFs held 214,825 shares, worth $43.72 million in Nvidia ahead of Tuesday’s trades.
The popular investment management firm also snapped up 35,900 shares - estimated to be worth about $1.87 million - in DraftKings Inc DKNG.
Shares of the Boston, Massachusetts-based company closed 0.73% lower at $51.98 on Tuesday.
Ark Invest investment owns the shares of DraftKings via three of its active ETFs — the Ark Innovation ETF ARKK, ARKW and the Ark Fintech Innovation ETF ARKF but deployed only ARKW on Tuesday to buy the shares of the sports betting company.
On a consolidated basis, Ark held 13.81 million shares, worth $723.45 million, in DraftKings, ahead of Tuesday’s trade.
Ark Invest shed 7,684 shares — estimated to be worth about $1.5 million — in U.S.-listed Alibaba Group Holdings BABA.
The investment management firm trimmed its position in Alibaba via ARKX on Tuesday but also holds stakes in BABA via ARKQ and ARKF. The three ETFs held a total of 336,810 shares, worth $65.93 million, in Alibaba ahead of Tuesday’s trades.
Alibaba shares closed 0.25% higher at $195.73 on Tuesday.
Wood’s firm reduced its position in Square Inc SQ as Ark Invest shed 66,982 shares estimated to be worth about $18.29 million.
SQ shares closed 2.38% lower at $273.08 on Tuesday.
Ark Invest deployed ARKK to sell Square shares on Tuesday and also holds positions via ARKW and ARKF.
Together, the three ETFs held about 6.42 million shares, worth $179 billion, in Square ahead of Tuesday’s trade. Ark Invest held over 7 million shares, worth $1.74 billion in Square just before it announced it had agreed to purchase buy-now, pay-later company Afterpay in an all-stock deal valued at $29 billion.
Some of the other key Ark Invest buys on Tuesday included UiPath Inc PATH and sells included Base Inc BAINF.
Related Link: How to Buy Netflix Stock
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