Cathie Wood’s Ark Investment Management on Monday further lowered its exposure in Netflix Inc (NASDAQ:NFLX) just days after the streaming video-on-demand company issued “disappointing” quarterly guidance.
Ark Invest sold 2,400 shares — estimated to be worth $929,160 based on the latest closing price — in Netflix on Monday.
Shares of the company closed 2.6% lower at $387.15 a share on Monday. The stock is down 35.2% so far this year with a majority of the fall coming in the past week.
The St. Petersburg, Florida-based Ark Invest sold shares in the video streaming company via the Ark Space Exploration & Innovation ETF (BATS:ARKX). No other Ark Invest ETF currently owns shares in Netflix.
ARKX held 7,065 shares — worth $2.8 million — in Netflix, prior to Monday’s trade.
See Also: Cathie Wood Sold Another $1.5M In Netflix On Thursday Ahead Of Stock Crashing On Weak Guidance
Netflix shares began slumping last week after it reported fourth quarter results that 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.
“...but conservative guidance of 2.5 million net adds for the first quarter was a big disappointment,” Wood said last week in a note.
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.
