Kathy Woodmoney management company Astronomy investment Management On Tuesday it sharply reduced its remaining exposure on the popular social media app snap chatfather Snap Inc (NYSE: SNAP).
The Saint Petersburg, Florida-based investment firm has more than slashed its remaining stake in the instant messaging app as it sold about 60% of its total shares in Snap.
The popular money management firm sold 798,760 shares — valued at $34.6 million — based on the last closing price — in Santa Monica, California-based Snap.
See also: Cathy Wood sells Tesla stock, uploads to Snapchat and this social media stock on dip
Snap shares closed 3.84 percent higher at $43.3 per share on Tuesday. The stock is down about 7% so far this year and about 23.3% in the past year.
Ark Invest has sold shares in Snap via Ark Next Generation Internet ETF (NYSE: ARKW) on Tuesday. She also owns shares in the company via Ark Fintech Innovation ETF (NYSE: ARKF).
The two exchange-traded funds held 1.35 million shares, worth $56.2 million in Snap, before trading on Tuesday.
Snap generates nearly all of its revenue from advertising, with 88% coming from the United States.
Ark Investment is also hoarding stocks in crypto-related stocks as the digital asset market remains jittery after Bitcoin (CRYPTO: BTC) Cryptocurrency selling last week.
See also: Kathy Wood adds to the bet on these 3 bare-bones stocks of crypto-dips
Here are some of the major trades led by Ark Invest starting Tuesday, the day cryptocurrencies including Bitcoin are traded, Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) Starting to see recovery:
- 54,114 shares — valued at $12.8 million — were purchased in Coinbase Global Inc (NASDAQ: currency). The company’s stock closed up 5.4 percent at $237.2 per share on Tuesday, but is still down 5.5 percent so far this year.
- 115,836 shares — valued at $17.2 million — were purchased in block you (NYSE: SQ). The company’s shares closed 2.7% higher at $148.4 per share.