Skip to main content

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:
  • Publish date:

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 Free Report; Coinbase Global  (COIN) - Get Free Report, the largest U.S. cryptocurrency exchange; and Zoom Video Communications  (ZM) - Get Free Report, a video meeting service.

Tesla is the No. 1 holding in Ark’s flagship Ark Innovation ETF  (ARKK) - Get Free 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 Free 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.”