A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge sell on Wednesday. Accordingly these funds sold nearly 280,000 shares of Square Inc. (NASDAQ: SQ) shares on Wednesday, as the price of these ETFs dropped less than 1% in the session. Note that this ETF is still up over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) sold 185,396 shares of Square, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) sold 94,679 shares. At Wednesday’s closing price this would have valued this sale at roughly $71.2 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 136% in the last year and ARKW is up 148%.
24/7 Wall St. recently reported on Square:
Square Inc. (NYSE: SQ) comes in at number two on Cathie Wood’s list. ARK Invest holds 10.26 million shares valued up to $2.68 billion. ARKK holds 6.66 million shares, ARKF holds 1.89 million shares and ARKW holds 1.71 million shares.
Square stock recently traded near $269, with a consensus price target of $267.86. The 52-week trading range is $56.63 to $283.19.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.