Notable investor Cathie Wood, chief executive of Ark Investment Management, on Monday bought shares of an Israeli software company.
Ark also purchased an online securities brokerage and an online sports gambling company. Wood sold an electric vehicle company and an industrial technology company.
All valuations below are as of Monday’s close.
Ark Next Generation Internet ETF (ARKW) snagged 25,566 shares of Tel Aviv-based Monday.com (MNDY), a project-management software firm, valued at $3.4 million. The stock has dropped 30% since early November. Wood has said that the decline of technology stocks in recent months has created buying opportunities for her.
Ark Fintech Innovation ETF (ARKF) snapped up 270,795 shares of online securities brokerage Robinhood (HOOD), valued at $2.8 million. The stock has dropped 41% so far this year, after a loss of users in the second half of last year.
DraftKings Purchase
Ark Fintech snatched 189,451 shares of online sports gambling platform DraftKings (DKNG), valued at $2.8 million. DraftKings shares have slid 45% year to date.
Ark funds bought 31,946 shares of Teradyne (TER), an automated test equipment maker, valued at $3.5 million. The stock has dropped 34% so far this year.
On the selling side, Ark Next Generation unloaded 7,146 shares of electric vehicle titan Tesla (TSLA), valued at $6.5 million. Wood has said in the past that her sales of Tesla merely represent profit-taking and that she still believes in the company.
Tesla is the biggest holding in Wood’s flagship Ark Innovation ETF (ARKK). Tesla stock climbed 4% Monday but has lost 25% year to date.
Finally, Ark Autonomous Technology & Robotics ETF (ARKQ) dumped 39,994 shares of industrial technology company Trimble (TRMB), valued at $2.7 million. The stock has fallen about two-thirds since August.
Ark Innovation Performance
Meanwhile, Ark Innovation has plunged 48% so far this year amid the slump for technology stocks and is down 69% from its February 2021 peak.
Wood has brushed off the descent, saying her investment focus is five years. And indeed, Ark Innovation has outperformed the S&P 500 over the past five years. As of May 2, the ETF had an annualized total return of 16.45% during that period, compared to 13.72% 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 Friday (April 29), according to Bloomberg.
