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Cathie Wood’s Ark Keeps Buying Beaten-Down Tech Stocks

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Wood purchased Tesla, Zoom, Twilio, Shopify and Roblox, seeing buying opportunities after their drops.

Author:

Dan Weil

Publish date:

Feb 23, 2022 10:59 AM EST

Star investor Cathie Wood, CEO of Ark Investment Management, has said repeatedly in recent weeks that the decline of technology stocks has created buying opportunities. And she’s proving true to her word.

She has purchased stocks repeatedly, doubling down on some of her biggest names. On Feb. 22, Ark exchange-traded funds snapped up shares of electric car titan Tesla  (TSLA) – Get Tesla Inc Report, video meeting service  (ZM) – Get Zoom Video Communications, Inc. Class A Report, software company Twilio  (TWLO) – Get Twilio, Inc. Class A Report, e-commerce stalwart Shopify  (SHOP) – Get Shopify, Inc. Class A Report and online video game platform Roblox  (RBLX) – Get Roblox Corp. Class A Report.

Tesla is the biggest holding in Ark’s flagship fund, Ark Innovation ETF  (ARKK) – Get ARK Innovation ETF Report. Zoom is No. 3, Twilio is No. 10, Shopify is No. 15 and Roblox is No 24.

Ark funds bought 24,366 shares of Tesla. That was worth $20 million at Tuesday’s close and $19.9 million in recent trading. Ark Innovation bought 115,208 shares of Zoom. That was worth $14.6 million as of Tuesday’s close and $14.4 million in recent trading. Ark purchased 65,506 shares of Twilio. That was worth $10.6 million as of Tuesday’s close and $10.5 million in recent trading.

Ark purchased 35,405 shares of Shopify. That was worth $22.2 million as of Tuesday’s close and $22.4 million in recent trading. Ark Innovation snagged 195,002 shares of Roblox. That was worth $9.4 million as of Tuesday’s close and $9.2 million in recent trading.

On the selling side, Wood continued to dump shares of data-mining company Palantir Technologies  (PLTR) – Get Palantir Technologies Inc. Class A Report. Ark funds sold 11,761,901 shares of the company Monday. That was worth $123.3 million as of Tuesday’s close and $128.2 million in recent trading. Palantir is now the 37th biggest holding out of 38 stocks in Ark Innovation.  

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