Cathie Wood-led ARK Investment Management offloaded shares of Chinese e-commerce giant JD.Com Inc JD at an estimated valuation of over $390,000, based on Monday's closing price.
What Happened: The sale was done via the ARK Fintech Innovation ETF ARKF that has JD.com as the 25th largest holding with a weight of 0.74%, according to latest data available on the company's website.
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Shares of JD.com have lost over 27% since the beginning of 2023. However, last week, the stock registered gains after the company announced it intends to spin-off JD Property and JD Industrial by way of a separate listing on Hong Kong Stock Exchange. The move followed its rival Alibaba Group Holding Ltd.'s BABA decision to split into six independent businesses, each of which could pursue funding and separate listings.
That's not all. In early March, the company had run a multibillion yuan price war amid rising competition with peers that include Alibaba Group Holding Ltd and PDD Holdings Inc PDD, according to the South China Morning Post. The company described the 10 billion yuan subsidy campaign as “its largest sales promotion event in history.”
ARK's funds, however, have been offloading shares of the e-commerce company since September 2021 and have not made any purchases of the stock since then, according to Cathiesark.com. Benzinga could not independently verify the same.
Major Buy: ARK loaded up over 2.6 million shares of Butterfly Network Inc BFLY at an estimated valuation of over $5.9 million based on Monday's closing price. The purchase was done via the ARK Genomic Revolution ETF ARKG.
It is noteworthy that shares of Butterfly Network closed over 21% higher on Monday after the company announced it received 510(k) clearance for an AI-enabled Auto B-line Counter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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