Cathie Wood’s money managing firm Ark Investment Management on Wednesday further lowered its exposure in the streaming video-on-demand company Netflix Inc NFLX +0.99% ahead of its quarterly earnings report.
Ark Invest sold 3,000 shares — estimated to be worth $1.5 million based on the latest closing price — in Netflix on Wednesday.
Netflix shares closed 0.9% higher at $515.8 a share on Wednesday. The stock is down 13.6% so far this year and is on pace to record its worst monthly performance since October 2018.
The St. Petersburg, Florida-based Ark Invest sold shares in the video streaming company via the Ark Space Exploration & Innovation ETF (BATS: ARKX). No other Ark Invest ETF currently owns shares in Netflix.
ARKX held 13,332 shares — worth $6.8 million — in Netflix, prior to Wednesday’s trade.
Ark Invest had in July trimmed its stake in the video-on-demand company just days after spelling out a bull’s case on the stock. At the time, it said that Netflix would see a “meaningful increment” in revenue if it managed to grab a “fraction” of the highly-competitive video-gaming market.
Netflix is scheduled to announce its quarterly financial results after the market closes on Thursday.
BofA Securities analyst Nat Schindler has maintained a Buy rating on Netflix with a price target of $750.
Here are a few other key Ark Invest trades on Wednesday:
Sold 584,565 shares — estimated to be worth $3.2 million — in Skillz Inc SKLZ -2.1% on the dip. Shares of the company closed 1.9% lower at $5.5 a share on Wednesday.
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