Cathie Wood eases back on significant Roku holding

It's the first time since August that Ark Investment Management has sold the streamer's stock.

Cathie Wood’s flagship fund on Monday sold Roku Inc., which recently became its biggest holding, for the first time since August.

Wood’s Ark Innovation ETF sold 171,268 shares of the streaming-video platform company on Monday, marking its first sale of the stock since Aug. 10, Ark Investment Management data compiled by Bloomberg show. Ark funds bought Roku shares several times in October.

The sales came after the stock jumped 42% over two sessions at the end of last week, as the company reported better-than-expected third-quarter results and gave an upbeat outlook. That bounce catapulted Roku past cryptocurrency exchange operator Coinbase Global Inc. and electric vehicle bellwether Tesla Inc. to become Ark Innovation ETF’s top holding on Thursday. Shares fell 1.7% on Monday.

Ark is the second largest shareholder in Roku, holding 8.35% of its outstanding shares as of September, according to data compiled by Bloomberg.

Wood’s flagship fund has risen 27% this year, compared with a gain of 39% for the Nasdaq 100 Index and a 14% advance for the S&P 500 Index. The Ark Innovation ETF slumped 67% last year.