Cathie Wood-led ARK Investment Management dumped over 200,000 shares of Spotify Technology SA SPOT on Friday via two of the company’s exchange-traded funds (ETFs). The share sale was valued at over $18 million, based on the latest closing price.
Spotify is the 27th largest holding in the flagship ARK Innovation ETF ARKK valued at over $63 million with a weight of over 0.84%, according to data provided by the company.
On Sept. 20, Spotify launched its audiobooks in the U.S. and said listeners would be able to purchase and listen to more than 300,000 audiobook titles. The company said it sees a substantial untapped market for audiobooks arguing that while the category represents just a 6–7% share of the broader book market, it is growing by 20% year-over-year.
Also Read: How To Buy Spotify Stock
However, Spotify analyst Justin Patterson from KeyBanc Capital Markets said in a note audiobooks could be immaterial to Spotify’s performance into the year-end and likely in 2023, too.
Price Action: Spotify shares have lost more than 64% since the beginning of this year. The stock has shed over 15% in the last month.
Major Purchase: Wood continued to buy shares of software-maker UiPath Inc PATH, accumulating over 1.2 million shares of the company at a valuation of over $15 million, based on Friday’s closing price. The purchase was done via six different ETFs. UiPath shares have lost over 70% since the beginning of the year. However, ARK has been bullish on the company and has been loading up on its shares throughout September.
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