Cathie Wood Offloads More Nvidia With $14M Stock Sale, Rejigs Bitcoin And Crypto-Linked Portfolios – NVIDIA (NASDAQ:NVDA)
Cathie Wood-led ARK Investment Management sold over 93,000 shares of chip-manufacturer NVIDIA Corporation 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 ARKK.
Nvidia is the 29th largest holding of the fund that has Zoom Video Communications Inc ZM, Tesla Inc TSLA and Roku Inc ROKU as its top holdings.
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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 Global Inc COIN at an estimated valuation of over $14 million. Shares of the cryptocurrency exchange platform closed 7.24% on Friday after Bank of America 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 SI, while it sold over 124,000 shares of Robinhood Markets Inc HOOD on Friday, according to data provided by the company.