Cathie Wood Sold $54 Million of Alibaba Stock in a Single Day. Is Alibaba a Sell?
Ark Invest has almost completely unwound its once-large Alibaba position.
Overview
Since mid-May, Cathie Wood's Ark Invest has liquidated almost all of its position in Alibaba Group (NYSE: BABA). That included a $54 million sale of the Chinese e-commerce and artificial intelligence (AI) stock in a single day in late June.
Wood, who is both the CEO and the public face of the company, has not publicly commented on this move, which some investors may treat as a sell signal in itself. Nonetheless, investors should probably look more closely at Alibaba's fundamentals and business environment before making such a decision on the consumer discretionary stock.
Image source: The Motley Fool.
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Originally published at www.fool.com.
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