Cathie Wood Sheds More Spotify, Buys Netflix-Driven Dips In These 3 Stocks

Cathie Wood-led Ark Investment Management on Thursday raised its exposure in Roblox Corp RBLX, Roku Inc ROKU and Unity Software Inc U. It sold shares in Spotify Technology SA SPOT as they fell for a second day after streaming giant Netflix Inc NFLX announced a massive drop in subscribers. 

What Happened: The popular money managing firm bought 338,663 shares, 200,124 shares and 36,000 shares in Roblox, Roku and Unity, respectively. 

Based on Thursday’s closing price for each stock, these trades are estimated to be worth $11.7 million, $19.9 million, and $2.8 million.

Shares of Roblox closed 5.8% lower, while Roku fell 9.1% and Unity shed 6%.

Shares of entertainment stocks came under pressure again on Thursday after Netflix's shocking revelation of losing 200,000 users in the first quarter and a gloomy guidance.

St. Petersburg, Florida-based Ark Invest owns shares in Roblox through two of its six actively traded exchange funds: the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW

The two ETFs held 5.9 million shares, worth $218.6 million, in Roblox, prior to Thursday’s trade.

See Also: Cathie Wood Trims Spotify And Buys Netflix-Fueled Dip In These 2 Stocks

In Roku, the asset management firm owns shares via ARKK and ARKW. The two ETFs held 7.85 million shares, worth $860.7 million in Roku, before Thursday’s trade.

In Unity, Ark Invest held 7.39 million shares, worth $619.6 million, via ARKK, ARKW, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Space Exploration & Innovation ETF ARKX. 

Ark Invest also sold 233,136 shares, estimated to be worth $26.2 million, in the music streaming company Spotify via ARKK and ARKW. 

The investment firm held 3.53 million shares, worth $433.2 million, in Spotify prior to Thursday’s trade.