Cathie Wood-led Ark Investment Management on Thursday raised its exposure in Roblox Corp (NYSE: RBLX) stock on the dip.
St. Petersburg, Florida-based Ark Invest bought 75,125 shares, estimated to be worth $2.29 million, in the San Mateo, California-based video game developer.
Roblox closed 7.1% lower at $30.5 on Thursday. The stock is down 69% so far this year, according to data from Benzinga Pro.
Ark in February exited all of its exposure in Netflix Inc (NASDAQ: NFLX) and is now continuously lowering exposure in music streaming app Spotify Technology SA (NYSE SPOT). It is, however, piling up other entertainment stocks, including Roblox and Roku Inc (NASDAQ: ROKU).
See Also: Cathie Wood Trims Spotify And Buys Netflix-Fueled Dip In These 2 Stocks
Ark Invest owns shares in Roblox through two of its six actively traded exchange funds: the Ark Innovation ETF (NYSE: ARKK) and the Ark Next Generation Internet ETF (NYSE: ARKW).
The two ETFs held 7.26 million shares, worth $238 million, in Roblox, before Thursday’s trade.
For perspective, Ark Invest held 1.96 million shares in Roblox at the beginning of the year.
