Ark Invest nearly lost all of its exposure to Netflix on Thursday

113
1
Ark Invest nearly lost all of its exposure to Netflix on Thursday

On Thursday, Ark Investment Management nearly lost all of its exposure to Netflix Inc NASDAQ: NFLX and sold 2,171 shares of the company's NYSE: DIS on the day it closed 7.5% higher at $386.7 a share, according to Cathie Wood-led company. The stock is down 35.3% year-to-date.

With the latest sale, Ark Invest owns a little over 100 shares in the video streaming giant.

Shedding $822 K Worth Of Shares On Wednesday, Cathie Wood Continues Sell-Spree In Netflix, shedding $822 K Worth Of Shares On Wednesday.

The money managing firm sold 32,249 shares in the Walt Disney media and entertainment company, estimated to be worth $4.36 million.

Disney shares were 1.36% higher on Thursday, at $135.4 a share. The stock is down 13.6% this year.

See also: Cathie Wood reduces Disney Stake By 25% on Monday amid Omicron Concerns.

Since November, Ark Invest has been selling shares in Walt Disney. The firm lowered its exposure to Walt Disney by 25% last month.

Wood s firm bought shares in Walt Disney in May of last year when analysts pointed out the benefits from the reopening of theme parks after governments across the world doubled down on COVID 19 vaccine efforts.

The investment company owns Walt Disney shares through the Ark Next Generation Internet ETF NYSE: ARKW and no other Ark ETF has an exposure to the stock.

Before Thursday s trade, Ark Invest held 240,163 shares - worth about $32 million - in Walt Disney stock.