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Cathie Wood's Ark ETF Dumps More Zillow Shares

Cathie Wood’s Ark Investment Management continues to unload Zillow, after the real estate company says it faces huge losses from its home-flipping business.
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Cathie Wood’s Ark Investment Management continues to unload Zillow  (ZG) - Get Zillow Group, Inc. Class A Report shares, after the real estate company said earlier this month that it’s exiting the home-buying space with huge losses.

ARK Innovation ETF  (ARKK) - Get ARK Innovation ETF Report sold 589,903 shares of Zillow on Friday. That kitty was worth $37.7 million as of Friday’s close. It was worth $37.8 million Monday, with the stock recently trading at $64.05, up 0.16%. It has plunged 38% since Oct. 29.

After snapping up 288,813 shares on Nov. 2, Ark has dumped about 6.3 million shares of Zillow, leaving it with about 500,000 remaining.

Zillow early this month announced that it is closing its home-buying division Zillow Offer after major losses and dumping 25% of its employees. It plans to take write-downs of up to $569 million.

In other Ark news, the popular ETF company loaded up on shares of data analytics software company Palantir Technologies  (PLTR) - Get Palantir Technologies Inc. Class A Report after they slid following Tuesday’s earnings report.

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Ark exchange-traded funds bought 1,483,975 shares Tuesday, worth about $36 million at Tuesday’s close. Then they bought 1,251,850 shares Wednesday, worth about $28 million at Wednesday’s close.

The whole stash was worth about $63 million Monday, with Palantir recently trading at $23, up 1%.

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After the earnings report, RBC Capital analyst Rishi Jaluria downgraded Palantir to underperform from sector perform with a price target of $19, down from $25.

The analyst cited the company's "mixed" third quarter results with deceleration in the government business, while noting that its commercial acceleration that is being fueled by SPAC investments is "unsustainable."