Video games like Roblox (RBLX) may be designed for children, but Cathie Wood -- head of asset manager ARK Invest -- is pouring a lot of money into the company.
Wood's ARK Innovation ETF ARKK purchased 382,056 shares of Roblox Monday, but her portfolio of ETFs weren't done. The ARK Fintech Innovation ETF ARKF purchased another 40,378 shares of the company, and ARK Next Generation ETF ARKW bought another 62,046, according to Ark Invest Daily.
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Roblox shares closed Monday's session down 12% due to March user metrics that disappointed most investors. But Wood used the downward pressure as an opportunity to load up on shares.
To fuel her purchases of the stock, Wood and Ark seem to have fallen out of love, possibly just temporarily, with a stock in the healthcare field called Exact Sciences (EXAS).
Ark has sold Exact shares 12 times over the past 13 days, while purchasing 0 shares during that time period, according to Ark Invest Daily, including dropping another 136,604 shares on Monday.
All told, Ark has dropped more than 369,000 shares of EXAS over the past 13 days.
But that's not to say that Wood has lost faith in Exact Sciences. The company still represents the second largest portion of her portfolio, according to Hedge Follow, with 16 million shares representing 7.04% of ARK's holdings.
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