Cathie Wood Trims Netflix Stake Despite Being Bullish On Gaming Foray, Buys $11.5M In Roblox Instead

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:

• Sold 537,196 shares in Skillz Inc. SKLZ via ARK Innovation ETF ARKK.

• Bought 232,372 shares in Draftkings Inc. DKNG via ARKW.

• Sold 989,436 shares in JD.com Inc. JD via ARK Autonomous Technology & Robotics ETF ARKQ, Ark Fintech Innovation ETF ARKF, and ARKW.

• Sold 909,091 shares in Pinduoduo Inc. PDD via ARKF and ARKW.

See also: How to Buy Netflix Stock