Cathie Wood-led Ark Invest has been booking profit in Snap Inc (NYSE:SNAP) as shares of the social media company soar in the past year.
Wood’s popular money managing firm Ark Invest has been selling shares in the Evan Spiegel-led Snapchat parent for months now.
Ark Invest owns shares in Snap via the Ark Fintech Innovation ETF (NYSE:ARKF) and the Ark Next Generation Internet ETF (NYSE:ARKW). No other Ark Invest ETF owns shares in the Santa Monica, California-based company.
After months of trimming the stake, the two ETFs still held 972,053 shares — worth $71.8 million — in Snap, as of Friday’s trades. The latest of these sales came on Thursday, with Wood offloading 30,099 Snap shares from ARKW.
See Also: 4 Stocks Insiders Are Selling
In July, Snap shares soared nearly 24% after reporting stellar year-on-year financials against tough comparisons caused by the surge in social media usage during the COVID-19 crisis last year. The company said revenue growth accelerated to 116% on a year-over-year basis, net loss improved by 53%, and daily active users (DAUs) increased 23% to 293 million.
Snap offers a short-form video- and photo-based social platform that leverages location-based discovery, digital commerce, and entertainment.
Price Action: Snap shares, which have a 52-week high of $83.34, have risen 173.2% over the past 12 months. The stock closed 1.87% higher at $75.25on Friday.