Cathie Wood-led Ark Investment Management on Tuesday sold the remaining shares that it held in Netflix Inc (NASDAQ:NFLX) to fully cut its exposure in the streaming video-on-demand company.
The popular investment management firm sold the balance 103 shares — estimated to be worth $47,084 — in Netflix on the day shares of the company closed 7% higher at $457.13 a share.
Netflix stock is down 23.5% year-to-date; shares plummeted earlier this month after fourth quarter results missed subscriber growth expectations slightly, and the company guided to much lower growth in the first quarter.
See Also: Cathie Wood Nearly Exits Netflix Stake, Also Sells $4M Shares In Rival Disney
Citigroup on Monday upgraded the stock to Buy and company filings showed Co-CEO Reed Hastings bought more than 50,000 Netflix shares worth about $20 million. The purchase follows Pershing Square's Bill Ackman revealing that he bought more than 3.1 million shares of the streaming giant, making Pershing Square a top-20 shareholder in the company.
See Also: Why Netflix Shares Are Rising Today
Here are some other key Ark Invest trades on Tuesday:
- Bought 66,500 shares— estimated to be worth $974,225 — in Robinhood Markets Inc (NASDAQ:HOOD). Shares of the crypto-linked company closed 3.5% higher at $14.65 a share on Tuesday.
- Bought 46,916 shares— estimated to be worth $5.98 million — in Block Inc (NYSE:SQ). The stock closed 4.35% higher at $127.6 a share.
- Sold 149,609 shares— estimated to be worth $2.12 million — in Palantir Technologies Inc (NYSE:PLTR), on the day shares closed 3.6% higher at $14.2 a share.
