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Unity Software Inc (NYSE:U) has lost about 40% in less than three months but Cathie Wood continues to see long-term value in the software company.
Why has Unity stock been in a downtrend?
Shares of the game-engine were hit particularly hard last month after it announced a “runtime fee” that did not quite sit well with the developers.
And even though the management partially backtracked the announcement shortly after, the stock continued to slide.
Eventually, the sell-off triggered a $6.2 million investment from Cathie Wood – the Founder and Chief Executive of Ark Invest.
The disclosure arrives about a month before Unity Software is scheduled to report its Q3 results. Consensus is for it to lose 22 cents a share this quarter versus 67 cents per share a year ago. “U” is now trading just above the price at which it started 2023.
How many shares of Unity did Cathie Wood buy?
Wood loaded up on 213,733 shares of Unity Software in total on October 4th split between three of her exchange-traded funds – the Ark Innovation, Ark NextGen Internet, and the Ark Autonomous Tech and Robotics.
More than half of those shares (about 160,000) were bought for the flagship Ark Innovation Fund. That ETF now holds 8.3 million shares of the game software development company in total worth north of $240 million.
It’s now that 10th largest holding of ARKK. Note that Wall Street also currently has a consensus “overweight” rating on Unity Software.
Earlier this year, the New York listed firm launched a marketplace to expand its footprint in artificial intelligence that its CEO John Riccitiello said “will change gaming”.
Watch here: https://www.youtube.com/embed/QbvrIAYvFgk?feature=oembedThe post Cathie Wood parks another $6.0 million in Unity Software appeared first on Invezz.
