Cathie Wood’s Ark Invest sells 321K SoFi shares ahead of Q3 earnings

[SoFi Technologies Acquires Technisys SA For $1.1 Billion]
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Cathie Wood’s Ark Invest trimmed its position in SoFi Technologies (NASDAQ:SOFI [https://seekingalpha.com/symbol/SOFI]) ahead of the fintech firm’s upcoming quarterly results, selling more than 321,000 shares across multiple sessions since the beginning of October.

The trades were executed through the ARK Fintech Innovation ETF (BATS:ARKF [https://seekingalpha.com/symbol/ARKF]) — which focuses on companies driving financial technology innovation — with 25,177 shares sold on Oct. 17, 139,368 shares sold on Oct. 20, 22,759 on Oct. 23, and 133,917 on Oct. 27. The fund counts Shopify, Coinbase, and Robinhood Markets among its top holdings.

SoFi remains the fund’s seventh-largest position, with 1.68 million shares valued at $50.39 million as of Oct. 28.

Shares of SoFi were up 2.6% in premarket trading ahead of its Q3 earnings release. Analysts expect the company to report EPS of $0.09 on revenue of $895 million, representing a 28% year-over-year increase. The stock closed Monday at $30.00, just below its 52-week high of $30.30.

MORE ON SOFI, ARK FINTECH INNOVATION ETF

* SoFi: Inflection Coming; Why I'm Long [https://seekingalpha.com/article/4831204-sofi-inflection-coming-why-im-long]
* SoFi Vs. Upstart: Which Fintech To Choose And For Whom [https://seekingalpha.com/article/4829180-sofi-vs-upstart-which-fintech-to-choose-and-for-whom]
* SoFi's Bull Run: Q3 Earnings Could Ignite Further Rally (Earnings Preview) [https://seekingalpha.com/article/4828003-sofi-stock-bull-run-q3-earnings-could-ignite-further-rally-earnings-preview]
* Ark Invest CEO Cathie Wood warns of potential AI market correction: ‘A reality check is coming' [https://seekingalpha.com/news/4509107-ark-invest-ceo-cathie-wood-warns-of-potential-ai-market-correction-a-reality-check-is-coming]
* SoFi Q3 earnings on deck: What to expect [https://seekingalpha.com/news/4508817-sofi-q3-earnings-on-deck-what-to-expect]