Cathie Wood-led Ark Investment Management on Tuesday trimmed its stake in streaming video-on-demand company Netflix Inc. NFLX despite earlier this month spelling out a bull case for its gaming foray and loaded up some shares in pure-play gaming company Roblox Corp. RBLX instead.
The investment management firm said in a note last week that even if Netflix managed to grab a “fraction” of the highly-competitive video-gaming market, it would see a “meaningful increment” in revenue.
Wood’s firm sold 21,937 shares in Netflix via Ark Next Generation Internet ETF ARKW, estimated to be worth around $11.4 million. The firm bought 151,161 shares, worth approximately $11.5 million in Roblox via ARKW.
Ark also continued cutting its stake in Chinese companies amid regulatory crackdowns in the country and concerns over United States-China relations remaining strained.
Here’re some of Ark’s other key trades from Tuesday:
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Sold 537,196 shares in Skillz Inc. SKLZ via ARK Innovation ETF ARKK.
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Bought 232,372 shares in Draftkings Inc. DKNG via ARKW.
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Sold 989,436 shares in JD.com Inc. JD via ARK Autonomous Technology & Robotics ETF ARKQ, Ark Fintech Innovation ETF ARKF, and ARKW.
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Sold 909,091 shares in Pinduoduo Inc. PDD via ARKF and ARKW.
See also: How to Buy Netflix Stock
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