Cathie Wood’s ARK Invest Sells Nearly $50 Million Worth of Shopify
A couple of Cathie Wood's ARK Invest funds sold nearly $50 million worth of Shopify shares on December 1.
A couple of ARK Invest exchange-traded funds run by ETF star Cathie Wood sold over 34,000 shares of Shopify Inc. (NYSE: SHOP | SHOP Price Prediction) shares on Wednesday, as the price of these ETFs dropped sharply in Wednesday’s session. The funds each just turned negative for their performance over the past year.
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ARK Innovation ETF (NYSEARCA: ARKK) sold 29,621 shares, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) sold 4,530 shares. At Wednesday’s closing price, this would have valued these sales at roughly $49.9 million. This is only a small fraction of the total holdings. The innovation fund is down 11% in the past 52 weeks, and the other is down 2%.
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Here are all the sales across ARK Invest funds on Wednesday:
| Fund | Ticker | Name | Shares |
|---|---|---|---|
| ARKF | COIN | COINBASE GLOBAL | 17,026 |
| ARKF | OPEN | OPENDOOR TECHNOLOGIES | 387,751 |
| ARKF | AMZN | AMAZON.COM | 1,992 |
| ARKG | IOVA | IOVANCE BIOTHERAPEUTICS | 42,230 |
| ARKG | REGN | REGENERON PHARMACEUTICALS | 6,460 |
| ARKG | CDXS | CODEXIS | 121,400 |
| ARKG | INCY | INCYTE | 187,064 |
| ARKK | SHOP | SHOPIFY | 29,621 |
| ARKW | SHOP | SHOPIFY | 4,530 |
| ARKX | LMT | LOCKHEED MARTIN | 3,658 |
Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of 247wallst.com.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
