Cathie Woods Ark Investment Management is shedding its remaining stake in Netflix Inc. NASDAQ: NFLX just days after the streaming video-on-demand company issued disappointing quarterly guidance.
On Wednesday, the popular money management firm sold 2,286 shares of Netflix - estimated to be worth $822,274.
The stock of Netflix was 1.8% lower at $359.7 a share on Monday and is already down about 40% this year.
Also, see Cathie Wood Further Cuts Netflix Stake, Selling $929 K Worth Of Shares On Monday.
Ark Invest trimmed its stake in the video-on-demand company in July after spelling out a bull case on the stock. At the time, it said that Netflix would see a significant increase in revenue if it managed to grab a fraction of the highly competitive video-gaming market.
Here are a few other key Ark Invest trades on Wednesday:
Bought 4,471 shares — estimated to be worth $25,484 - in Velo 3 D Inc NYSE: VLD The stock closed 1.4% higher at $5.7 a share.
The stock was 3.8% lower on Wednesday, and sold 2.45 million shares, estimated to be worth $10.8 million.