Skip to main content

Cathie Wood's Ark Innovation Grabs Over 288,000 Shares of Zillow

That stake is now worth $18.9 Million, and Ark's total holding equals $465.8 Million. Zillow shares plunged another 25% Wednesday.
  • Author:
  • Publish date:

Cathie Wood apparently viewed Zillow’s  (Z) - Get Zillow Group, Inc. Class C Report stock plunge Tuesday as a buying opportunity, with her Ark Innovation ETF  (ARKK) - Get ARK Innovation ETF Report snapping up 288,813 shares that day.

The fund previously bought Zillow shares in September.

Zillow announced Tuesday that it’s closing its home-buying division Zillow Offer, after major losses and dumping 25% of its employees. It plans to take write-downs up to $569 million.

Zillow dropped 10% Tuesday, leaving that day’s acquisition worth $25.2 million at the close. The stock has plunged another 25% Wednesday, to $65.18. That has pushed the new stake’s value down to $18.9 million.

At the end of Tuesday, Ark owned about 7.1 million Zillow shares in total, according to Bloomberg. That’s currently worth $465.8 million.

TheStreet Recommends

Other Ark funds with Zillow holdings include ARK Fintech Innovation ETF (ARKF) - Get ARK Fintech Innovation ETF Report and ARK Next Generation Internet ETF  (ARKW) - Get ARK Next Generation Internet ETF Report. This makes Ark Zillow’s fifth-largest shareholder, according to Bloomberg.

Zillow represents the 14th biggest holding in the Ark Innovation ETF, CNBC reports.

So how does TheStreet’s Bret Kenwell view the stock?

On the daily chart, Zillow stock looks doomed, potential for a bounce looks more promising on the weekly,” he wrote

“Shares are not only trading down to the 200-week moving average for the first time since the COVID selloff in early 2020, but they are also trading down into the major breakout area in the $66 to $68 area.

“This is kind of a make-or-break spot for Zillow stock. If this area fails, perhaps it opens the door down to a potential test of $50. On a bounce, I’d like to see a move back into the low $70s.”