Cathie Wood-led Ark Investment Management on Thursday raised its exposure in Roblox Corp RBLX stock on the dip. 

St. Petersburg, Florida-based Ark Invest bought 75,125 shares, estimated to be worth $2.29 million, in the San Mateo, California-based video game developer.

Roblox closed 7.1% lower at $30.5 on Thursday. The stock is down 69% so far this year, according to data from Benzinga Pro.

Ark in February exited all of its exposure in Netflix Inc NFLX and is now continuously lowering exposure in music streaming app Spotify Technology SA (NYSE SPOT). It is, however, piling up other entertainment stocks, including Roblox and Roku Inc ROKU.

See Also: Cathie Wood Trims Spotify And Buys Netflix-Fueled Dip In These 2 Stocks

Ark Invest owns shares in Roblox through two of its six actively traded exchange funds: the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW.

The two ETFs held 7.26 million shares, worth $238 million, in Roblox, before Thursday’s trade.

For perspective, Ark Invest held 1.96 million shares in Roblox at the beginning of the year.

 


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