Cathie Wood Trims Ark Disney Stake By 58% On Wednesday

Cathie Wood-led Ark Investment Management on Wednesday significantly lowered its exposure in Walt Disney Co DIS, its second major reduction in the entertainment giant company’s stock since buying the first shares in May last year.

The popular money managing firm sold 113,116 shares — estimated to be worth $16.6 million— in Walt Disney.

The California-headquartered company’s stock closed 1.1% higher at $147.34 a share on Wednesday. Walt Disney stock is down 6% year-to-date and about 15.2% since Ark Invest first bought shares in the company last year.

The St. Petersburg, Florida-based investment company owns Walt Disney shares via the Ark Next Generation Internet ETF ARKW. No other Ark Invest ETF owns shares in Disney.

The popular stock-picking firm held a total of 194,374 shares — worth about $28.3 million — in Walt Disney stock, prior to Wednesday’s trade.

See Also: Cathie Wood Reduces Disney Stake By 25% On Monday Amid Omicron Concerns

The latest sale lowers Ark Invest’s exposure in Walt Disney by 58%. Ark Invest had in January lowered its exposure in the entertainment company known for theme parks and cinematic franchisees by 25%.

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

Interestingly, Wood exited Disney’s bigger video streaming rival Netflix Inc NFLX last month. 

See Also: Cathie Wood's Ark Is Now Completely Out Of Netflix

Wood is known to not be hesitant in booking profits in favorite stocks when they run up significantly and seek to buy back again at lower levels. She has off-late rushed to dump shares in some companies that have not returned profits.

Ark also bought 82,895 shares — estimated to be worth $10 million— in Zoom Video Communications Inc ZM on Wednesday. The stock closed 0.95% lower at $121.6 a share on Wednesday and is down 34% year-to-date.