Renowned investor Cathie Wood, chief executive of Ark Investment Management, on Wednesday bought Roku (ROKU) and other of her technology stalwarts -- and added a smart-glasses company.
She also sold two big names. (All valuations listed below are as of Wednesday’s close.)
Ark exchange-traded funds purchased 375,524 shares of streaming platform Roku, valued at $41.1 million. Roku is the second biggest holding in Wood’s flagship fund, Ark Innovation ETF (ARKK).
Ark Innovation snatched 38,590 shares of e-commerce site Shopify (SHOP), valued at $20.3 million.
Ark funds snagged 167,810 shares of Coinbase (COIN) , the country’s largest cryptocurrency exchange, valued at $24.7 million. Coinbase is Ark Innovation’s fifth biggest holding.
Ark Autonomous Technology & Robotics ETF (ARKQ) snapped up 103,500 shares of smart-glasses company Vuzix (VUZI), valued at $556,830. The Rochester, N.Y., company’s augmented-reality glasses have applications in healthcare, manufacturing, warehousing and field service, Vuzix says.
Wood’s Selling, Not Just Buying
On the sales side, Ark funds unloaded 391,932 shares of audio streaming platform Spotify (SPOT), valued at $48 million. The company is the 11th biggest holding in Ark Innovation.
Ark Innovation also dumped 67,884 shares of electric-vehicle maker Tesla (TSLA), valued at $66.3 million. When she has sold Tesla, Wood has consistently said that the moves represent profit-taking and that she still believes in the company.
The Austin EV leader's stock has soared 19% in the past month. Tesla remains Ark Innovation’s biggest holding.
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The past 14 months haven’t been kind to Wood. Outside of Tesla, many of the disruptive technology stocks that populate Ark’s ETFs have hit the skids.
Wood says it’s merely a correction and Ark funds will still perform well on a five-year basis.
Ark Innovation has returned an annualized 20% over the past five years, handily beating the S&P 500’s 16% annualized total return.
But since peaking in February 2021, Ark Innovation has dropped more than 60%.
