Cathie Wood Sold Another $1.5M In Netflix On Thursday Ahead Of Stock Crashing On Weak Guidance

Cathie Wood’s money managing firm Ark Investment Management on Thursday sold more shares in Netflix Inc NTFLX just ahead of the streaming video-on-demand company issuing quartely guidance below estimates and sending its shares down in the after-hours session.

Ark Invest sold 2,958 shares — estimated to be worth $1.5 million based on the latest closing price — in Netflix on Thursday.

Shares of the company closed 1.48% lower at $508.25 a share on Thursday. The stock was down 18.1% in after-hours trading at $416.38.

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

ARKX held 10,224 shares — worth $5.3 million — in Netflix, prior to Thursday’s trade.

See Also: Netflix Falls On Q4 Earnings Results: Here's Why And What Investors Need To Know

Netflix announced its fourth quarter results in after-hours session and said it expects to add a smaller number of subscribers in the first quarter than it did a year ago.

Netflix said it expects 2022 first-quarter earnings of $2.86 per share, which is well below the estimate of $3.45 per share. The company expects first-quarter revenue of $7.903 billion versus the estimate of $8.08 billion.

Ark Invest had in July trimmed its stake in the video-on-demand company just days after spelling out a bull’s case on the stock. At the time, it said that Netflix would see a “meaningful increment” in revenue if it managed to grab a “fraction” of the highly-competitive video-gaming market.