Cathie Wood-led Ark Investment Management on Thursday nearly shed all of its exposure in Netflix Inc. and also sold shares in rival entertainment giant Walt Disney Co.
The popular money managing firm sold 2,171 shares—estimated to be worth $839,525—in Netflix on the day shares of the company closed 7.5 percent higher at $386.7 a share. The stock is down 35.3 percent year-to-date.
With the latest sale, Ark Invest owns a little over 100 shares in the video streaming giant.
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 2,274 shares—worth $817,957—in Netflix, prior to Thursday’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.
The money managing firm also sold 32,249 shares—estimated to be worth $4.36 million—in media and entertainment company Walt Disney.
Disney shares closed 1.36 percent higher at $135.4 a share on Thursday. The stock is down 13.6 percent so far this year.
Ark Invest has been selling shares in Walt Disney since November. Just last month, the firm lowered its exposure in Walt Disney by 25 percent.
Wood’s firm first bought shares in Walt Disney in May last year when analysts pointed to benefits from the reopening of theme parks after governments across the world doubled down on COVID-19 vaccination efforts.
The investment company owns Walt Disney shares via the Ark Next Generation Internet ETF and no other Ark ETF has an exposure to the stock.
Ark Invest held a total of 240,163 shares—worth about $32 million—in Walt Disney stock, ahead of Thursday’s trade.
