ARK Invest sold 1,327,537 shares of Archer Aviation on Friday, June 5.
The transaction totaled approximately $8.47 million.
ARK reported the divestment on June 6 across its ARKK, ARKQ, and ARKX exchange-traded funds.
This sale continues a trend of ARK reducing its stake in the electric vertical takeoff and landing (eVTOL) developer.
Archer Aviation stock fell 13.2% on Friday during a broader market downturn for growth stocks.
The company faces ongoing scrutiny regarding its cash burn rate and FAA certification progress.