Disney Stock Dips As Cathie Wood’s ARK Investment ETF ARKW Adds To Stake

Cathie Wood-led ARK Investment Management added to its stake in Disney (DIS), as its theme parks reopen fully and ahead of the long-anticipated theater debut of Marvel’s “Black Widow.” Disney stock dipped.


ARK Next Generation Internet ETF (ARKW) on July 6 added 108,653 shares of the media and entertainment conglomerate to its holdings.

That brings its total holdings in Disney stock to 260,134 shares worth $45.18 million. ARKW first opened its position on May 14, when it bought 150,556 shares worth $26.15 million.

Still, Disney stock accounts for just 0.73% of ARKW’s holdings, a minuscule amount vs. top holding Tesla (TSLA) (9.9%), Shopify (SHOP) (5.5%) and Twitter (TWTR) (5.2%).

ARKW also owns 115,270 Netflix (NFLX) shares worth $62.43 million. Netflix accounts for just over 1% of holdings.

Meanwhile, “Black Widow” is set to hit theaters on July 9. The blockbuster movie will also be available on Disney+ on the same day through Premier Access for an extra $29.99 one-time fee.

Subscriber growth at Disney+, which largely helped shore up revenue losses during the pandemic, has reportedly slowed sharply in recent months, as consumers head out more and spend elsewhere on travel and entertainment.

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Disney Stock

Shares slipped 0.5% to close at 172.82 on the stock market today. Disney stock is around 14% off its 52-week high of 203.02 achieved on March 8, according to MarketSmith chart analysis.

Its relative strength line is trending downward. Its stock has been trading below its 50-day line, which itself is sloping downward.

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Disney’s RS Rating is 52 out of a possible 99, while its EPS Rating is 34, as revenue and earnings were decimated throughout Covid shutdowns. IBD recommends stocks with ratings of 80 and above.

Rival Netflix fell 1% to 535.96. NFLX stock is in a long consolidation with a buy point of 593.39. The ARKW ETF eased 1.6%.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.


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