Benzinga - Cathie Wood-led ARK Investment Management sold over 93,000 shares of chip-manufacturer NVIDIA Corporation (NASDAQ: NASDAQ:NVDA) at an estimated valuation of over $14.6 million based on Friday’s closing price. The sale was done through the ARK Innovation ETF (NYSE: ARKK).
Nvidia is the 29th largest holding of the fund that has Zoom Video Communications Inc (NASDAQ: ZM), Tesla Inc (NASDAQ: NASDAQ:TSLA) and Roku Inc (NASDAQ: ROKU) as its top holdings.
Last week, ARKK offloaded over 41,000 shares of the chip manufacturer. The series of share sales comes in the wake of Nvidia reporting a 17% fall in its third-quarter revenue at $5.93 billion. The company reported earnings per share of 58 cents during the quarter, down 50% year-over-year.
NVIDIA is guiding for fourth-quarter revenue of $6 billion, plus or minus 2%. The Street estimate stands at $6.09 billion, according to data from Benzinga Pro. Shares of Nvidia have gained 23% over the last month.
Crypto-Linked Trades: Wood’s funds made some major trades in crypto-linked stocks on Friday. Three of ARK’s ETFs bought over 317,000 shares of Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) at an estimated valuation of over $14 million. Shares of the cryptocurrency exchange platform closed 7.24% on Friday after Bank of America (NYSE:BAC) analyst downgraded the stock from ‘Buy’ to ‘Neutral’ and lowered its price target from $77 to $50.
ARK also bought over 74,000 shares of Silvergate Capital Corp (NYSE: SI), while it sold over 124,000 shares of Robinhood Markets Inc (NASDAQ: NASDAQ:HOOD) on Friday, according to data provided by the company.
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