Cathie Wood Slashes Apple Stake To Half ā Also Trims Google, Fastly: What You Need To Know
Author: Rachit Vats | May 07, 2021 02:22am
Cathie Wood-led Ark Investment Management nearly halved the Apple Inc (NASDAQ:AAPL) stake in the ARK Fintech Innovation ETF (NYSE:ARKF) on Thursday.
ARKF shed 298,505 Apple shares, worth about $38.73 million, as of the day's close, and continues to hold 292,435 shares. No other ETF
Apple is now the thirty-seventh largest holding of ARKF among a total of 47 stocks. No other Ark ETF has a position in Apple.
Apple shares closed 1.28% lower at $129.74 on Thursday and have fallen 2.2% so far this year. The maker of iPhones and iPads last year became the first company to hit the $2 trillion market cap and some bulls expect the stock to hit the next $3 trillion market cap later this year.
The New York-based firm also sold 1,349 shares, worth about $3 million, in tech giant Alphabet Inc (NASDAQ:GOOGL) via ARK Space Exploration & Innovation ETF (BATS:ARKX).
Wood’s firm held about $21 million worth of shares in the Google parent via ARKX ahead of Thursday’s trade, representing about 3.3% weight of the ETF.
Alphabet shares closed 0.98% higher at $2,337.35 on Thursday.
The investment firm shed a significant stake of 1.46 million shares, worth about $61.9 million, in the cloud software provider company Fastly Inc (NYSE:FSLY) via Ark Next Generation Internet ETF (NYSE:ARKW).