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:
Bought 232,372 shares in Draftkings Inc. (NASDAQ:DKNG) via ARKW.
Sold 909,091 shares in Pinduoduo Inc. (NYSE:PDD) via ARKF and ARKW.
Your Resource for Non-Stop Trade Ideas
Join ZINGERNATION on “Power Hour”, as we work hard to deliver trade ideas every day.
© 2021 Fintech Zoom.com. Fintech Zoom does not provide investment advice. All rights