Cathie Wood Is Selling 2 Magnificent Seven Stocks, but Piling Into Another
Wood made a major Magnificent Seven purchase in the ARK Innovation ETF.
Overview
One of the most popular technology sector exchange-traded funds (ETFs), the ARK Innovation ETF (NYSEMKT: ARKK) has seen major shifts in the past week, particularly regarding its Magnificent Seven stock holdings.
In the past few days, ARKK manager Cathie Wood has dumped shares of two Magnificent Seven stocks, Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). On Sept. 15, Wood sold all remaining GOOGL class A shares (93 total). That followed the sale of 1,784 shares on Sept. 11. Wood also dumped a significant number of C shares, GOOG. On Sept. 14, she sold 11.7% of her GOOG shares, amounting to a roughly $13 million stake. As of Sept. 16, the ARKK ETF held about 288,000 shares of GOOG, an approximately $98 million position representing 1.5% of the portfolio.
Details
The ETF also sold off a sizable chunk of its Amazon stock, dropping 20,000 shares or about 3.2% of its position, which amounted to a $5.1 million stake. As of Sept. 16, ARKK still held almost 614,000 shares valued at approximately $152 million. Amazon makes up about 2.37% of the portfolio.
Source
Originally published at www.fool.com.