Cathie Wood-led Ark Invest on Tuesday further reduced its exposure in Netflix Inc (NASDAQ:NFLX) by about 71% as it shed 75,109 shares — estimated to be worth about $38.74 million — in the streaming video-on-demand service provider.
Netflix shares closed 0.79% lower at $515.84 on Tuesday.
The New York-based investment management group deployed the Ark Next Generation Internet ETF (NYSE:ARKW) to sell the shares in Netflix and also holds a position in the stock via the Ark Space Exploration & Innovation ETF (BATS:ARKX).
Together, the two ETFs held 104,780 shares, worth $54.48 million, in Netflix ahead of Tuesday’s trades. No other Ark ETF holds a stake in the company.
See Also: Cathie Wood Sells $7.7M In Netflix, $3M In Nvidia
The popular asset manager also shed 19.8% of its overall position in chipmaker Nvidia Corp (NASDAQ:NVDA) as it sold 42,642 shares- estimated to be worth about $8.5 million.
Shares of Nvidia closed 1.77% lower at $199.36 on Tuesday.
Ark Invest sold the shares in the chipmaker via ARKX and the Autonomous Technology & Robotics ETF (BATS:ARKQ). No other Ark ETF holds a stake in the company.
Together, the two ETFs held 214,825 shares, worth $43.72 million in Nvidia ahead of Tuesday’s trades.
The popular investment management firm also snapped up 35,900 shares - estimated to be worth about $1.87 million - in DraftKings Inc (NASDAQ:DKNG).
Shares of the Boston, Massachusetts-based company closed 0.73% lower at $51.98 on Tuesday.
See Also: Cathie Wood Loads Up Another $7M In DraftKings
Ark Invest investment owns the shares of DraftKings via three of its active ETFs — the Ark Innovation ETF (NYSE:ARKK), ARKW and the Ark Fintech Innovation ETF (NYSE:ARKF) but deployed only ARKW on Tuesday to buy the shares of the sports betting company.
On a consolidated basis, Ark held 13.81 million shares, worth $723.45 million, in DraftKings, ahead of Tuesday’s trade.
Ark Invest shed 7,684 shares — estimated to be worth about $1.5 million — in U.S.-listed Alibaba Group Holdings (NYSE:BABA).
The investment management firm trimmed its position in Alibaba via ARKX on Tuesday but also holds stakes in BABA via ARKQ and ARKF. The three ETFs held a total of 336,810 shares, worth $65.93 million, in Alibaba ahead of Tuesday’s trades.
Alibaba shares closed 0.25% higher at $195.73 on Tuesday.
Wood’s firm reduced its position in Square Inc (NYSE:SQ) as Ark Invest shed 66,982 shares estimated to be worth about $18.29 million.
SQ shares closed 2.38% lower at $273.08 on Tuesday.
Ark Invest deployed ARKK to sell Square shares on Tuesday and also holds positions via ARKW and ARKF.
See Also: Cathie Wood's Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku
Together, the three ETFs held about 6.42 million shares, worth $179 billion, in Square ahead of Tuesday’s trade. Ark Invest held over 7 million shares, worth $1.74 billion in Square just before it announced it had agreed to purchase buy-now, pay-later company Afterpay in an all-stock deal valued at $29 billion.
Some of the other key Ark Invest buys on Tuesday included UiPath Inc (NYSE:PATH) and sells included Base Inc (OTC:BAINF).