Cathie Wood-led Ark Investment Management on Friday further lowered its exposure in $Twitter(TWTR.US)$, a day after the company reported lower-than-expected fourth-quarter earnings.
Ark Invest sold 71,418 shares — estimated to be worth $2.55 million — in the San Francisco, California-based company.
Twitter stock closed 3.3% lower at $35.8 a share on Friday. The stock is down 21.7% since Nov. 29 when Parag Agarwal was named CEO after co-founder Jack Dorsey's surprise exit.
Ark Invest owns shares in Twitter via three of its active exchange-traded funds — the $ARK Innovation ETF(ARKK.US)$, the $ARK Next Generation Internet ETF(ARKW.US)$ and the $ARK
The three ETFs held 2.82 million shares — worth $104.5 million — in Twitter, prior to Friday's trade.
Twitter missed estimated earnings by 5.71%, reporting an EPS of $0.33 for the fourth quarter versus an estimate of $0.35, as per Benzinga Pro.
Here are a few other key Ark Invest trades on Friday:
Bought 187,937 shares — estimated to be worth $2.5 million— in $Robinhood(HOOD.US)$. The stock closed 1.5% lower at $13.3 a share on Friday.
Bought 482,820 shares — estimated to be worth $7.9 million — in $TuSimple(TSP.US)$. Shares closed 0.6% higher at $16.47 a share on Friday.
Source: ARK INVEST