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Cathie Wood Watch: Ark Buys Aerospace, China Carmaker; Sells Pharma

Asset manager Cathie Wood continues to buy and sell stocks amid the market's volatility. Last week, she had choice words about oil prices.
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Star investor Cathie Wood, chief executive of Ark Investment Management, remains active in the tumultuous stock market, on Monday buying aerospace and Chinese-vehicle shares. She sold pharmaceutical stocks.

Ark funds purchased 817,817 shares of Archer Aviation  (ACHR) , an electric taxi aircraft maker, which was valued at $2.4 million. (All valuations are as of Monday’s close.)

Cathie Wood Watch: Ark Buys Biotech, Electric-Air-Taxi Producer 

Ark Autonomous Technology & Robotics ETF  (ARKQ)  bought 53,228 shares of China’s BYD  (BYDDY) , which makes electric cars, valued at $2.3 million.

As for the pharma selling, Ark Genomic Revolution ETF  (ARKG)  sold 59,043 shares of Pfizer  (PFE) , valued at $3.1 million. 

Ark Genomic Revolution shed 4,785 shares of Regeneron  (REGN) , valued at $3.1 million. And Ark Genomic unloaded 32,331 shares of Vertex Pharmaceuticals  (VRTX) , valued at $21.2 million.

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Wood last week offered an interesting take on oil prices, as they soared in reaction to Russia’s invasion of Ukraine.

She wrote on Twitter that she erred in 2020, when she said oil demand probably peaked in 2019 and prices were headed down to $12.

“I got the supply shock wrong,” Wood wrote. “That said, the accelerated shift toward electric transportation will destroy oil consumption at the margin. Long-term, though longer-term than I expected, oil prices will collapse under the weight of lower demand. Innovation solves problems!”

And maybe her forecast wasn’t so off, Wood tweeted. “Oil demand probably did hit a secular peak in 2019,” she said.

“The supply shock caused by the energy insecurity policies of the current U.S. administration, [environment/social/governance] mandates globally, and now Russia’s invasion of Ukraine has raised prices to a point that will accelerate demand destruction.”

U.S. oil prices jumped 35% from Feb. 25 to March 8. But they have slid 22% since then, recently trading at $96.63 on the New York Mercantile Exchange.