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Cathie Wood’s Ark Keeps Buying Depressed Tech Stocks

It snapped up Tesla, Coinbase and Zoom Thursday. Tesla is the No. 1 holding in Ark’s flagship Ark Innovation ETF.

Author:

Dan Weil

Publish date:

Feb 25, 2022 10:26 AM EST

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) – Get Tesla Inc Report; Coinbase Global  (COIN) , the largest U.S. cryptocurrency exchange; and Zoom Video Communications  (ZM) – Get Zoom Video Communications, Inc. Class A Report, a video meeting service.

Tesla is the No. 1 holding in Ark’s flagship Ark Innovation ETF  (ARKK) – Get ARK Innovation ETF Report, 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) – Get Palantir Technologies Inc. Class A Report. 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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