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.
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 Report after they slid following Tuesday’s earnings report.
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%.
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."