Cathie Wood Further Lowers Exposure In Twitter After Social Media Company Misses On Q4 Earnings

Cathie Wood-led Ark Investment Management on Thursday further lowered its exposure in Twitter Inc TWTR on the day shares of the microblogging company fell after it reported lower-than-expected fourth-quarter earnings. 

Ark Invest sold 73,183 shares — estimated to be worth $2.71 million — in the San Francisco, California-based company.

Twitter stock closed 1.98% lower at $37.08 a share on Thursday. The stock has been under pressure lately and is down 19% since Nov. 29 when Parag Agarwal was named CEO after co-founder Jack Dorsey’s surprise exit.

Ark Invest owns shares in Twitter via three of its active exchange-traded funds — the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.

The three ETFs held 2.88 million shares — worth $109.3 million — in Twitter, prior to Thursday’s trade.

See Also: Cathie Wood Sells Yet Another $12M In Twitter Shares Ahead Of Social Media Company's Q4 Earnings Report

Twitter missed estimated earnings by 5.71%, reporting an EPS of $0.33 for the fourth quarter versus an estimate of $0.35, as per Benzinga Pro.

Here are a few other key Ark Invest trades on Thursday:

• Bought 292,236 shares — estimated to be worth $4.85 million — in TuSimple Holdings Inc TSP. The stock closed 1.7% higher at $16.4 a share on Thursday.
• Sold 286,671 shares — estimated to be worth $1.23 million — in Skillz Inc SKLZ. The stock closed 5.7% lower at $4.3 a share.