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
