This post was originally published on this site
The company agreed to acquire Weta Digital for $1.63 billion, which should help it develop VFX tools and focus on metaverse opportunities. The stock has gained 39.5% in price over the past month and 124.8% over the past six months to close yesterday’s trading session at $196.65.
However, Cathie Wood’s ARK Invest has sold $27 million worth of U shares. In addition, the company recently witnessed a decline in hedge fund sentiment. Furthermore, its non-GAAP loss from operations is expected to be between $20 million – $25 million for the fourth quarter. And since the company is not expected to turn profitable anytime soon, its near-term prospects look bleak.
