Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Cathie Wood Offloads More Nvidia With $14M Stock Sale, Rejigs Bitcoin And Crypto-Linked Portfolios

Published 21/11/2022, 11:27
© Reuters.  Cathie Wood Offloads More Nvidia With $14M Stock Sale, Rejigs Bitcoin And Crypto-Linked Portfolios
NVDA
-
IXIC
-
BTC/EUR
-
BTC/USD
-
CRCW
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-
NVDC34
-

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.

Read Next: Alibaba (NYSE:BABA), Nio Slide Over 3%: Hong Kong Stocks Falter As China COVID-19 Death, Rising Cases Spark Fears

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.