Cathie Wood’s Ark Relinquishes 3.9 Million Zillow Shares – .

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Cathie Wood’s Ark Relinquishes 3.9 Million Zillow Shares – .


(Bloomberg) – Cathie Wood’s exchange-traded funds sold 3.9 million shares of Zillow Group Inc. on Wednesday as the stock rout deepened – a day after buying 288,813 shares.
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The offloaded stake was around $ 255 million, assuming Wednesday’s closing price. That’s about 10 times the value of the shares bought on Tuesday, when Seattle-based Zillow ended its tech-fueled home flip operation.

Zillow’s stock has suffered as investors question its strategic goal of moving from a company known for its real estate listings to one that gets a larger share of the lucrative business around real estate deals.

Ark’s daily business updates provided figures for portfolio changes without specifying buy and sell prices. They only show the active decisions of the management team and do not include creation or redemption activities induced by investor flows. For this reason, the exact business activity of the company may vary.

After their Wednesday sales, Zillow represents less than 1% of each of the ARK Innovation ETFs, ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. Tuesday’s update showed flagship ARK Innovation ETF buying 288,813 shares.

Wood is well known for buying downside in her high conviction bets. She and her firm frequently point out that they have an investment horizon of at least five years and recognize that the disruptive companies they target are often volatile.

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