Zillow -- An online real estate center Message Board

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Strategies & Market Trends : Zillow -- An online real estate center

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Oct 31 9:30 AM EST

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From: Sr K	11/4/2021 10:52:52 AM
	of 42

Cathie Wood Sells Chunk of Zillow Stock a Day After Buying the Dip Real-estate company’s stock has lost nearly half its value this year Cathie Wood’s ARK Innovation ETF sold nearly 2.9 million shares of Zillow on Wednesday.PHOTO: BRENDAN MCDERMID/REUTERS By Omar Abdel-Baqui Nov. 4, 2021 10:31 am ET Fund manager Cathie Wood’s flagship exchange-traded fund sold a chunk of its holdings in Zillow Group Inc. Z +6.59% on Wednesday as the stock plunged, a day after the fund had bought more shares in the real-estate company. Zillow shares fell 25% on Wednesday. The company said earlier in the week it was exiting the home-flipping business because its algorithmic model used to forecast prices to buy and sell homes rapidly didn’t work as planned. While Zillow’s stock rose rose 6.4% Thursday morning, it has still lost nearly half its value this year. Analysts and investors have questioned the company’s ability to transition beyond real-estate listings and into more lucrative opportunities. Ms. Wood’s ARK Innovation ETF ARKK +0.58% sold nearly 2.9 million shares of Zillow on Wednesday, a day after purchasing nearly 300,000 shares, according to the firm’s daily trading updates, which show amounts purchased or sold but don’t disclose buying or selling prices. A representative for ARK Investment Management LLC wasn’t immediately available for comment. ARK’s collection of funds, including the flagship, sold a total of 3.9 million Zillow shares, worth roughly $255 million based on Wednesday’s closing stock price. ARK funds had previously purchased hundreds of thousands of shares of Zillow in September and October. Ms. Wood’s firm has been a long-term holder of Zillow and still owns roughly 6.7 million shares of the company, according to ARK data. Ms. Wood, a star stock picker, has gained a big following on social media with her meme-worthy investments and presence on Twitter. She has made brash bets on stocks such as Tesla Inc. and cryptocurrencies like bitcoin, leading to one of the best performances by a fund manager last year. Exc.

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