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Cathie Wood Trims Netflix Stake Despite Being Bullish On Gaming Foray, Buys $11.5M In Roblox Instead – NetFlix (NFLX)

Cathie Wood-led Ark Investment Management on Tuesday trimmed its stake in streaming video-on-demand company Netflix Inc. (NASDAQ:NFLX) despite earlier this month spelling out a bull case for its gaming foray and loaded up some shares in pure-play gaming company Roblox Corp. (NYSE:RBLX) instead.

The investment management firm said in a note last week that even if Netflix managed to grab a “fraction” of the highly-competitive video-gaming market, it would see a “meaningful increment” in revenue.

Wood’s firm sold 21,937 shares in Netflix via Ark Next Generation Internet ETF (NYSE:ARKW), estimated to be worth around $11.4 million. The firm bought 151,161 shares, worth approximately $11.5 million in Roblox via ARKW.

Ark also continued cutting its stake in Chinese companies amid regulatory crackdowns in the country and concerns over United States-China relations remaining strained.

Here’re some of Ark’s other key trades from Tuesday:

  • Sold 537,196 shares in Skillz Inc. (NYSE:SKLZ) via ARK Innovation ETF (NYSE:ARKK).

  • Bought 232,372 shares in Draftkings Inc. (NASDAQ:DKNG) via ARKW.

  • Sold 989,436 shares in JD.com Inc. (NASDAQ:JD) via ARK Autonomous Technology & Robotics ETF ((BA)TS:ARKQ), Ark Fintech Innovation ETF (NYSE:ARKF), and ARKW.

  • Sold 909,091 shares in Pinduoduo Inc. (NYSE:PDD) via ARKF and ARKW.

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Cathie Wood Trims Netflix Stake Despite Being Bullish On Gaming Foray, Buys $11.5M In Roblox Instead – NetFlix (NFLX)

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