Cathie Wood-LED Ark investment management bought 297,818 shares of Nvidia Corporation NVDAthree of the company’s exchange-traded funds, valued at over $41.5 million based on Thursday’s closing price.
Nvidia is the 27th largest holding in the company’s flagship ARK Innovation ETF ARKK with a weighting of 0.94%, according to the company’s website.
Interestingly, Wood had sold over 293,000 shares of the chipmaker’s stock, valued at over $50 million, through two of the company’s exchange-traded funds last week before the company released its earnings.
NVIDIA reported in a securities filing Wednesday that the Biden administration has imposed restrictions preventing it from selling its A100 and H100 chips to Russia and China.
The chipmaker expects to lose $400 million — or 10.6% of its data center business and 6.8% of its third-quarter revenue — from these restrictions.
Also read: Why this Nio analyst cut its third-quarter delivery estimate by 12%
price action: Nvidia shares lost over 24% last month to close at $139.37 on Thursday. Deutsche Bank has maintained a “hold” rating on the stock while revising its price target to $165 from $175.
Tesla sale: Wood dumped over 150,000 shares Tesla Inc TSLAacross three funds of the company, valued at over $41.5 million based on Thursday’s closing price.
Tesla is the top holding of the ARK Innovation ETF with a 9.94% weighting, valued at over $793 million. Tesla shares are down over 7% in a month. Deutsche Bank kept its buy rating on the stock with a price target of $375.
Photo Courtesy: Ark Invest
