Cathie Wood Is Selling 2 Magnificent Seven Stocks, but Piling Into Another
Key PointsIn recent days, Wood has sold shares of Alphabet and Amazon.
Technology-focused exchange-traded fund (ETF) ARK Innovation ETF (NYSEMKT: ARKK) has experienced significant changes to its Magnificent Seven holdings over the past week. Cathie Wood, the fund's manager, has recently reduced investments in two of these prominent stocks - Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL).
On September 15, Wood sold all 93 of her remaining GOOGL class A shares. The previous day, she had sold 1,784 shares of the same stock. On September 14, Wood disposed of 11.7% of her GOOG shares, equivalent to a roughly $13 million stake. As of September 16, ARKK held approximately 288,000 shares of GOOG, representing an approximately $98 million position or 1.5% of the portfolio.
In addition to these sales, ARKK also offloaded a substantial amount of its Amazon stock, reducing its position by 20,000 shares or about 3.2% of the investment. This sale amounted to a $5.1 million stake. As of September 16, ARKK still held nearly 614,000 shares of Amazon, valued at around $152 million. Amazon constitutes approximately 2.37% of the portfolio.
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