Cathie Wood-led Ark Invest on Tuesday further reduced its exposure in Netflix Inc (NASDAQ:NFLX) by about 71% as it shed 75,109 shares — estimated to be worth about $38.74 million — in the streaming video-on-demand service provider.
Netflix shares closed 0.79% lower at $515.84 on Tuesday.
The New York-based investment management group deployed the Ark Next Generation Internet ETF (NYSE:ARKW) to sell the shares in Netflix and also holds a position in the stock via the Ark Space Exploration & Innovation ETF ((BA)TS:ARKX).
Together, the two ETFs held 104,780 shares, worth $54.48 million, in Netflix ahead of Tuesday’s trades. No other Ark ETF holds a stake in the company.
Shares of Nvidia closed 1.77% lower at $199.36 on Tuesday.
Together, the two ETFs held 214,825 shares, worth $43.72 million in Nvidia ahead of Tuesday’s trades.
The popular investment management firm also snapped up 35,900 shares – estimated to be worth about $1.87 million – in DraftKings Inc (NASDAQ:DKNG).
Shares of the Boston, Massachusetts-based company closed 0.73% lower at $51.98 on Tuesday.
See Also: Cathie Wood Loads Up Another $7M In DraftKings
Ark Invest investment owns the shares of DraftKings via three of its active ETFs — the Ark Innovation ETF (NYSE:ARKK), ARKW and the Ark Fintech Innovation ETF (NYSE:ARKF) but deployed only ARKW on Tuesday to buy the shares of the sports betting company.
On a consolidated basis, Ark held 13.81 million shares, worth $723.45 million, in DraftKings, ahead of Tuesday’s trade.
The investment management firm trimmed its position in Alibaba via ARKX on Tuesday but also holds stakes in (BA)(BA) via ARKQ and ARKF. The three ETFs held a total of 336,810 shares, worth $65.93 million, in Alibaba ahead of Tuesday’s trades.
Alibaba shares closed 0.25% higher at $195.73 on Tuesday.
Wood’s firm reduced its position in Square Inc (NYSE:SQ) as Ark Invest shed 66,982 shares estimated to be worth about $18.29 million.
SQ shares closed 2.38% lower at $273.08 on Tuesday.
Ark Invest deployed ARKK to sell Square shares on Tuesday and also holds positions via ARKW and ARKF.
See Also: Cathie Wood’s Ark Invest Sheds Another $35M In Square, Snaps $19M in Roku
Together, the three ETFs held about 6.42 million shares, worth $179 billion, in Square ahead of Tuesday’s trade. Ark Invest held over 7 million shares, worth $1.74 billion in Square just before it announced it had agreed to purchase buy-now, pay-later company Afterpay in an all-stock deal valued at $29 billion.