ARK Investment Management ditches 200,000 shares of Spotify

ARK Investment Management dumped over 200,000 shares of Spotify Technology SA SPOT on Friday via two exchange-traded fundsETFs. The share sale was valued at over $18 million, based on Friday's closing price.

Spotify is the 27th largest holding in the flagship ARK Innovation ETF ARKK, valued at over $63 million with a weight of over 0.84%, according to the data provided by the company.

On Sept. 20, Spotify launched its audiobooks in the U.S., and said listeners would be able to purchase and listen to more than 300,000 audiobook titles. The company believes that there is a substantial untapped market for audiobooks and that while the category represents just a 6 7% share of the broader book market, it is growing by 20% year-over-year.

Price Action: Spotify's shares have lost more than 64% since the beginning of this year. The stock has lost 15% in the last month.

Major Purchase: Wood bought shares of software-maker UiPath Inc PATH, accumulating over 1.2 million shares of the company at a valuation of over $15 million, based on Friday's closing price. The purchase was done through six different ETFs. Since the beginning of the year, UiPath shares have lost 70% of their value. ARK has been bullish about the company and has been loading up its shares throughout September.