Cathie Wood Dumps $50M In Nvidia Shares Just 2 Weeks After Major Buy

Benzinga2022-08-24

Cathie Wood-led Ark Investment Management dumped over 293,000 shares of NVIDIA Corporation on Tuesday via two of the firm’s exchange-traded funds. This comes just two weeks after Ark bought 366,982 shares of NVIDIA Corporation and a day ahead of the tech company's second-quarter earnings release.

Nvidia was the 23rd largest holding in the firm’s flagship ARK Innovation ETF with a weight of 1.49% ahead of Tuesday's trade, according to data on the firm’s website.

The Context: The stock has lost over 7% in one month and closed at $171.81 on Tuesday. KeyBanc analyst John Vinh reiterated his ‘Overweight’ rating on NVIDIA and a price target of $230. Vinh expects the second quarter results to align with the company's negative pre-announcement on Aug. 8 and expects the quarter to mark the bottom.

Nvidia is expected to report earnings for the second quarter on Wednesday after the bell. Analyst consensus is for Nvidia to post revenue of $8.1 billion and earnings per share of $1.25, according to data from Benzinga.

Major Purchase: Cathie Wood also bought 839,301 shares of Zoom Video Communications Inc, via two of the firm’s ETFs, valued at over $68 million based on Tuesday’s closing price. Zoom Video is the 2nd largest holding of ARK Innovation ETF valued at over $684 million with a weight of 8.43%.

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Comments

JFK
2022-08-25
JFK
Like
MBR Options
2022-08-25
MBR Options
Short when she buys a stock for a sure win
LeonardKSW
2022-08-24
LeonardKSW
Time to buy when Cathy dumped all... we have hope now
Bspn
2022-08-24
Bspn
Ok
遵道秉義
2022-08-24
遵道秉義
Wow 😳
YTigger
2022-08-24
YTigger
K

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