Why Cathie Wood Sold $48 Million of This Tech Stock
Cathie Wood, the CEO of Ark Invest and nicknamed “Mama Cathie” by her followers, recently dumped her shares in a major tech stock for $48 million. The expert investor is often watched for her moves on the stock market that allow her Ark Invest company to bring in steady profits from the market.
ARK Invest’s flagship fund, ARK Innovation ETF (ARKK), is up 15.87% since Nov. 6, while the S&P 500 Index gained 3.5% in that stretch. Since Donald Trump’s US election win, her firm has flourished, and she is now making her next big move, this time making $48M off of a battered tech stock.
Cathie Wood Cashes in on Video Game Sofware Stock
From November 6 to November 11, ARK Funds sold 2,287,064 shares of Unity Software (U) over four consecutive trading days. Unity is best known for its gaming engines, which are used in games including “Pokémon Go,” “Monument Valley” and “Call of Duty: Mobile.” The video game software company reported its Q3 earnings on November 7, with Q3 revenue and adjusted profit beating expectations. For the quarter ending September 30, Unity posted revenue of $429 million, down 2% year over year. The figure surpassed the company’s guidance of $415 million to $420 million. With the news of positive growth, Cathie Wood decided to cash out on the stock for a profit.
Also Read: Walt Disney Stock (DIS) Jumps as Earnings Top Estimates
This isn’t the first time Wood cashed in on Unity stock, as she also sold 2.6 million shares of Unity in Q2 2024. She would nearly double this to 4.6 million shares sold in Q3. Despite the profits following the Q3 earnings, Unity is not in ARK Innovation’s top 10 holdings as of November 13. The ARK funds had 6,665,871 shares of Unity as of the end of Q3, according to 13F filings. Furthermore, even with the positive Q3 earnings report, Unity is still down in price, contrasting the higher price predictions some analysts issued following the Q3 report.
At press time, Unity Software is trading at $19.00 per share, down 14% this week. Hence, it appears that Cathie Wood once again chose the most opportune time to cash in on her stocks.
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Why Cathie Wood Sold $48 Million of This Tech Stock
Cathie Wood, the CEO of Ark Invest and nicknamed “Mama Cathie” by her followers, recently dumped her shares in a major tech stock for $48 million. The expert investor is often watched for her moves on the stock market that allow her Ark Invest company to bring in steady profits from the market.
ARK Invest’s flagship fund, ARK Innovation ETF (ARKK), is up 15.87% since Nov. 6, while the S&P 500 Index gained 3.5% in that stretch. Since Donald Trump’s US election win, her firm has flourished, and she is now making her next big move, this time making $48M off of a battered tech stock.
Cathie Wood Cashes in on Video Game Sofware Stock
From November 6 to November 11, ARK Funds sold 2,287,064 shares of Unity Software (U) over four consecutive trading days. Unity is best known for its gaming engines, which are used in games including “Pokémon Go,” “Monument Valley” and “Call of Duty: Mobile.” The video game software company reported its Q3 earnings on November 7, with Q3 revenue and adjusted profit beating expectations. For the quarter ending September 30, Unity posted revenue of $429 million, down 2% year over year. The figure surpassed the company’s guidance of $415 million to $420 million. With the news of positive growth, Cathie Wood decided to cash out on the stock for a profit.
Also Read: Walt Disney Stock (DIS) Jumps as Earnings Top Estimates
This isn’t the first time Wood cashed in on Unity stock, as she also sold 2.6 million shares of Unity in Q2 2024. She would nearly double this to 4.6 million shares sold in Q3. Despite the profits following the Q3 earnings, Unity is not in ARK Innovation’s top 10 holdings as of November 13. The ARK funds had 6,665,871 shares of Unity as of the end of Q3, according to 13F filings. Furthermore, even with the positive Q3 earnings report, Unity is still down in price, contrasting the higher price predictions some analysts issued following the Q3 report.
At press time, Unity Software is trading at $19.00 per share, down 14% this week. Hence, it appears that Cathie Wood once again chose the most opportune time to cash in on her stocks.
Read More