Cathie Wood Sells $26M In DocuSign Days After Spelling Bull Case, Also Sheds $6M In Snapchat

Cathie Wood-led Ark Investment Management on Monday sold 107,900 shares, estimated to be worth about $26 million, in DocuSign Inc DOCU, a day after instilling confidence in the company’s ability to draw customers beyond the COVID-19-induced transition to online electronic agreements.

The New York-based investment firm sold the shares of the San Francisco, California-based company on a day its shares closed 3.31% higher at $240.97. 

Wood’s firm sold the shares in DocuSign via the Ark Innovation ETF ARKK. Ark also holds a stake in the company via the Ark Next Generation Internet ETF ARKW.

See Also: Ark Invest On DocuSign Says Confident Pandemic-Induced Transition To e-Agreements 'Not A Temporary Shift'

The popular investment firm still holds about 2.56 million shares in DocuSign, whose worth is now lifted to about $596.9 million based on Monday’s closing price. 

Ark Invest said on Friday, after market hours, DocuSign appears to be gaining traction in international markets, and the growth in its Agreement Cloud amid COVID-19 is not a temporary shift. 

The investment firm also sold 101,294 shares, estimated to be worth about $6.22 million, in Snapchat parent Snap Inc SNAP.

See also: How to Buy Snapchat Stock

Shares of the social media company closed 0.61% higher at $61.37 on Monday.

Wood’s firm sold the shares in Snap via ARKW. It also holds a stake in the company via the Ark Fintech Innovation ETF ARKK. The two ETFs together hold about 2.84 million SNAP shares, worth about $ 173.5 million, as of Monday. 

Some of the other key Ark Invest sells on Monday included Pluristem Therapeutics Inc PSTI and buys include Unity Software Inc U.