This Stock Has Run Up 173% Over 1 Year And Cathie Wood Is Booking Profit

Cathie Wood-led Ark Invest has been booking profit in Snap Inc SNAP as shares of the social media company soar in the past year.

Wood’s popular money managing firm Ark Invest has been selling shares in the Evan Spiegel-led Snapchat parent for months now.

Ark Invest owns shares in Snap via the Ark Fintech Innovation ETF ARKF and the Ark Next Generation Internet ETF ARKW. No other Ark Invest ETF owns shares in the Santa Monica, California-based company.

After months of trimming the stake, the two ETFs still held 972,053 shares — worth $71.8 million — in Snap, as of Friday’s trades. The latest of these sales came on Thursday, with Wood offloading 30,099 Snap shares from ARKW.

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In July, Snap shares soared nearly 24% after reporting stellar year-on-year financials against tough comparisons caused by the surge in social media usage during the COVID-19 crisis last year. The company said revenue growth accelerated to 116% on a year-over-year basis, net loss improved by 53%, and daily active users (DAUs) increased 23% to 293 million. 

Snap offers a short-form video- and photo-based social platform that leverages location-based discovery, digital commerce, and entertainment.

Price Action: Snap shares, which have a 52-week high of $83.34, have risen 173.2% over the past 12 months. The stock closed 1.87% higher at $75.25on Friday.