What happened
When famous investors reveal their opinions on stocks, those on Main Street take notice. In fact, when popular investors like Cathie Wood buy or sell stocks, it can motivate others to follow suit -- a dynamic that's playing out this week with electric scooter stock Niu Technologies (NIU -0.98%).
From the end of last Friday's trading session, shares of Niu Technologies are down 13.6% through the market close on Thursday, according to data from S&P Global Market Intelligence.
So what
On Wednesday, the Ark Autonomous Technology & Robotics ETF trimmed its position in Niu Technologies, selling 446,845 shares, and yesterday the exchange-traded fund sold 256,008 shares. That's not the only attention the electric scooter stock received from Ark Invest this month, though. Prior to this week, the Ark Autonomous Technology & Robotics ETF sold a combined 915,123 shares over four different days.
Of the 37 holdings in the Ark Autonomous Technology and Robotics ETF, Niu Technologies currently represents the third-smallest position, occupying 0.23% of the ETF.
Now what
Although it's worth noting the trades of popular investors like Cathie Wood, savvy investors recognize the importance of performing their own due diligence in evaluating stocks. With regard to Niu Technologies, the company reported mixed results earlier this month. While sales volumes decreased in China in 2022, the company achieved considerable sales growth in international markets last year of 143% year over year. For those considering parking Niu Technologies in their portfolios, it'll be important to see the impact of the mixed sales figures on the company's financials when it reports fourth-quarter earnings in the coming weeks.
