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The Street
The Street
Business
Dan Weil

Cathie Wood's Ark Keeps Buying Depressed Tech Stocks

Investment star Cathie Wood, CEO of Ark Investment Management, is at it again, buying shares of beaten-down technology stocks, just as she promised.

On Thursday, Ark exchange-traded funds purchased shares of electric car titan Tesla (TSLA); Coinbase Global  (COIN) , the largest U.S. cryptocurrency exchange; and Zoom Video Communications (ZM), a video meeting service.

Tesla is the No. 1 holding in Ark’s flagship Ark Innovation ETF (ARKK), Zoom is No. 4 and Coinbase is No. 5.

As for Thursday’s action, Ark funds bought 31,137 shares of Tesla. That was worth $24.9 million as of Thursday’s close and $25.4 million in recent trading. Ark Innovation purchased 99,912 shares of Zoom. That was worth $12.7 million as of Thursday’s close and $13 million in recent trading. Ark Innovation bought 82,039 shares of Coinbase. That was worth $14.7 million as of Thursday’s close and $15 million in recent trading.

On the selling side, Ark continued to dump shares of data-mining company Palantir Technologies (PLTR). Ark ETFs unloaded 16,887 shares Thursday. That was worth about $199,800 as of Thursday’s close and about $200,100 in recent trading.

Palantir is the smallest of Ark Innovation’s 38 holdings--only 334 shares, recently worth $3,777.

Ark offered this analysis of Palantir on Saturday. “Shares of Palantir fell nearly 16% on Thursday after the company reported fourth quarter earnings,” the firm wrote in a commentary.

“While surpassing revenue expectations with 34% year-over-year growth thanks to success in U.S. commercial, Palantir reported a significant deceleration in growth in the larger government division, suggesting perhaps a change in government procurement behavior.”

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