Cathie Wood Watch: Ark Buys Shopify, Coinbase, LatAm E-Commerce Firm
Investment luminary Cathie Wood, chief executive of Ark Investment Management, on Thursday bought and sold…
Investment luminary Cathie Wood, chief executive of Ark Investment Management, on Thursday bought and sold familiar names, including a Latin American e-commerce company.
Wood snagged several technology stocks that have struggled recently. She has said the plunge in tech stocks represents a buying opportunity.
All the valuations below are as of Thursday’s close.
Ark Fintech Innovation ETF (ARKF) – Get ARK Fintech Innovation ETF Report purchased 2,861 shares of the Buenos Aires e-commerce-platform company MercadoLibre (MELI) – Get MercadoLibre, Inc. Report, valued at $2.6 million. The stock, currently trading around $905, has dropped by almost a third this year. The company focuses on South America, Central America and the U.S.
Ark funds bought 129,419 shares of Canadian e-commerce company Shopify (SHOP) – Get Shopify, Inc. Class A Report, valued at $53.5 million.
Ark funds snapped up 63,039 shares of Coinbase (COIN) , the biggest U.S. cryptocurrency exchange, valued at $7.2 million.
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On the selling side, Ark Innovation ETF (ARKK) – Get ARK Innovation ETF Report unloaded 26,131 shares of electric vehicle titan Tesla (TSLA) – Get Tesla Inc Report, valued at $22.8 million. In the past, Wood has said her Tesla sales merely represent profit-taking. The company remains Ark Innovation’s biggest holding.
Ark funds dumped 874,926 shares of social-media platform Twitter (TWTR) – Get Twitter, Inc. Report, valued at $44 million. Wood has expressed approval of Tesla Chief Executive Elon Musk’s proposal to purchase the microblogging company, so this sale likely represents profit-sharing too.
And Ark Fintech Innovation sold 195,003 shares of real estate information service Zillow (Z) – Get Zillow Group, Inc. Class C Report, valued at $7.8 million.
Ark Innovation Performance
Ark Innovation has dropped 53% so far this year, amid the slump in technology stocks. It’s down 72% from its February 2021 peak. Wood has brushed off the descent, saying her investment focus is five years.
Indeed, Ark Innovation has outperformed the S&P 500 over the past five years. As of May 5, the ETF had an annualized total return of 15.3% during that period, compared with 13.6% for the S&P 500, according to Morningstar.
Investors apparently haven’t given up on Wood. Ark Innovation saw an investment inflow of $790 million year to date as of April 29, according to Bloomberg.
https://www.thestreet.com/investing/cathie-wood-watch-shopify-coinbase-mercadolibre-tesla-twitter
