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Thursday, September 29, 2022

Kathy Wood Almost Quits Netflix, Sells $4 Million Shares in Rival Disney

Cathy Wood, led by Ark Investment Management, lost almost all of her stake in Netflix Inc. on Thursday and also sold shares in rival entertainment giant Walt Disney Co.

The popular money management firm sold 2,171 shares — worth an estimated $839,525 — to Netflix on the day the company’s shares rose 7.5 percent to $386.7 a share. Shares have fallen 35.3 percent since the start of the year.

Since the latest sale, Ark Invest owns just over 100 shares of the streaming video giant.

St. Petersburg, Florida-based Ark Invest sold shares in a video streaming company through the Ark Space Exploration & Innovation ETF. No other Ark Invest ETF currently owns Netflix shares.

Before trading on Thursday, ARKX held 2,274 Netflix shares worth $817,957.

Shares of Netflix fell sharply last week after fourth-quarter results fell slightly short of expectations for subscriber growth, with the company forecasting much lower growth in the first quarter.

The money management firm also sold 32,249 shares worth $4.36 million to the Walt Disney media and entertainment company.

Disney shares closed up 1.36% to $135.4 per share on Thursday. The stock is down 13.6% this year.

Ark Invest has been selling Walt Disney shares since November. Just last month, the firm cut its stake in Walt Disney by 25 percent.

Wood’s firm first bought Walt Disney stock last May, when analysts pointed to the benefits of reopening theme parks after governments around the world doubled down on COVID-19 vaccination efforts.

The investment company owns Walt Disney shares through the Ark Next Generation Internet ETF, and no other Ark ETF has access to these shares.

Ahead of Thursday’s trading, Ark Invest held a total of 240,163 Walt Disney shares worth about $32 million.

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© 2021 Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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