Cathie Wood
Courtesy Photograph
Exchange-traded funds under the ETF umbrella of investor Cathie Wood sold 3.9 million shares in the troubled online property company Zillow on Wednesday, just a day after snapping up 288,813 shares.
Zillow (ticker: Z) announced Tuesday that it would end its business of buying and selling homes, citing an inability to accurately predict house prices. The company also reported third-quarter earnings and revenue that missed Wall Street’s expectations.
Zillow Offers, the company’s home-flipping program, had losses of more than $380 million in the third quarter.
According to the daily trades posted by the ARK funds, the ARK Innovation ETF (ARKK) sold 2,858,268 Zillow shares on Wednesday, ARK Next Generation Internet ETF
(ARKW) sold 648,919 Zillow shares, and the Ark Fintech Innovation ETF
(ARKF) sold 394,047.
Zillow closed Wednesday at $65.47, down nearly 25%, meaning Wood’s share sale totaled $255 million. It is up 2% in the premarket.
Only a day before, the ARK Innovation ETF had bought 288,813 shares, according to the daily ARK trades. The shares closed at $87.20.
Neither trading update from ARK provided any narrative explaining its investment decisions. Wood’s ARK Invest didn’t respond to requests for comment.
Write to Rupert Steiner at [email protected]
