Cathie Wood Watch: Ark Buys E-Commerce and Biotech, Sells Payments
Ark also bulked up on biotech stocks. All the stocks Wood bought and sold have slumped over the past six months.
Investment manager Cathie Wood, chief executive of Ark Investment Management, was active buying and selling big-name technology stocks on Monday.
She also continued her foray into the biotechnology sector. (All valuations are as of Monday’s close.)
Ark Fintech Innovation ETF (ARKF) – Get ARK Fintech Innovation ETF Report bought 32,635 shares of e-commerce stalwart Shopify (SHOP) – Get Shopify, Inc. Class A Report, valued at $22.3 million. The stock has dropped 52% over the past six months.
Ark Fintech purchased 96,978 shares of communications-software company Twilio (TWLO) – Get Twilio, Inc. Class A Report, valued at $15.3 million. The stock has slid 54% over the past six months.
Ark Fintech sold 200 shares of e-signature company DocuSign (DOCU) – Get DocuSign, Inc. Report, valued at $19,172. That closed out Ark Fintech’s position in the stock, which has dropped 65% over the past six months.
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Ark Fintech also dumped 281,910 shares of payment-systems company Block (SQ) – Get Block Inc Class A Report, which was valued at $38 million. The stock has lost 46% over the past six months.
As for biotech, Ark Genomic Revolution ETF (ARKG) – Get ARK Genomic Revolution ETF Report bought 52,752 shares of Adaptive Biotechnologies (ADPT) – Get Adaptive Biotechnologies Corp. Report, which was valued at $667,313. The stock has plummeted 67% over the past six months.
Finally, Ark Genomic purchased 7,877 shares of Cellectis (CLLS) – Get Cellectis SA Report, valued at $31,744 as of Monday’s close. The stock has shed 70% over the past six months.
Last week’s surge by the equity market was kind to Wood. Ark’s flagship fund Ark Innovation ETF (ARKK) – Get ARK Innovation ETF Report registered its biggest four-day return since the fund’s inception in 2014, ascending more than 25%, The Wall Street Journal reports. Ark’s funds hold mainly young technology stocks.
To be sure, Ark Innovation is still down 32% year to date, after a 23% drop last year. But results have turned out better for the longer term. Ark has generated an annualized total return of 25% over the past five years, compared with 16% for the S&P 500, according to Morningstar.