Cathie Wood’s Ark Investment Management is quickly shedding its remaining stake in Netflix Inc. just days after the streaming video-on-demand company issued “disappointing” quarterly guidance.
The popular money managing firm on Wednesday sold 2,286 shares—estimated to be worth $822,274—in Netflix.
Netflix stock closed 1.8 percent lower at $359.7 a share on Monday and is already down about 40 percent so far this year.
The St. Petersburg, Florida-based Ark Invest sold shares in the video streaming company via the Ark Space Exploration & Innovation ETF. No other Ark Invest ETF currently owns shares in Netflix.
ARKX held 4,560 shares—worth $1.67 million—in Netflix, prior to Wednesday’s trade.
Netflix stock plummeted last week after fourth quarter results missed subscriber growth expectations slightly, and the company guided to much lower growth in the first quarter.
Netflix added 8.3 million subscribers, slightly lower than the 8.5 million expected, ending the quarter at 222 million.
Ark Invest in July trimmed its stake in the video-on-demand company just days after spelling out a bull case on the stock. At the time, it said that Netflix would see a “meaningful increment” in revenue if it managed to grab a “fraction” of the highly-competitive video-gaming market.
Here are a few other key Ark Invest trades on Wednesday:
- Bought 4,471 shares—estimated to be worth $25,484—in Velo3D Inc. The stock closed 1.4 percent higher at $5.7 a share.
- Sold 2.45 million shares—estimated to be worth $10.8 million—in Skillz Inc. The stock closed 3.8 percent lower at $4.4 a share on Wednesday.
By Rachit Vats
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