Cathie Wood has been a big booster of companies operating in the crypto space, but recent developments have the famed stock picker rethinking her position on a couple of big names.
Ark Fintech Innovation ETF (ARKF) -) sold 373,175 shares of equity trading platform Robinhood (HOOD) -), valued at $4.8 million based on Monday's closing price.
DON'T MISS: Cathie Wood Just Dumped Million in 2 of Her Favorite Stocks
Wood appears to be betting that Robinhood has reached its zenith after jumping more than 50% since May. But there are also signs that the stock is being overbought with its relative-strength index jumping 80% since mid-May.
Wood's ARK Next Generation Internet ETF (ARKW) -) sold 1,055 Coinbase (COIN) -) shares valued at a little more than $104,000.
While the amount sold is minuscule this time around, Wood has been dumping Coinbase stock for weeks amid increased regulatory scrutiny of the crypto exchange from the Securities and Exchange Commission.
Earlier in July, Ark Innovation ETF sold $12 million of Coinbase shares after the platform announced a surveillance-sharing agreement that caused the stock to climb over 16%.
But it's not as if Wood has soured on the company as Coinbase remains the second largest holding at Ark's flagship ETF, representing a weighted 7.2% of the fund, behind only Tesla (TSLA) -).
Separately, ARK Fintech Innovation ETF added 121,389 shares of social network Pinterest (PINS) -) valued at $3.5 million based on Monday's closing price.
The move comes a couple of weeks after analysts at Evercore ISI Group upgraded the stock to outperform from in-line while raising their price target to $41 a share from $30.
The firm said Pinterest had reached an "inflection point" as advertising spending stabilizes.
