Selling Cathie Wood's preferred stock - Wise or Notable for Your Portfolio?
Catching Up with Cathie Wood's ARK ETFs in 2023: Here's Some Juicy Insights!
Wall Street's legend, Cathie Wood, isn't short on controversies, but her innovative investment strategies through ARK Invest have caught the world's attention. Her actively managed ETFs primarily focus on tech, innovation, and growth, making her a force to reckon with.
Her Ark Innovation Fund, a crowd-pleaser, recorded peak returns of an astounding 300% between 2021 and 2020. However, the bear market took a toll on the Ark Innovation ETF, which now stands roughly 75% below its peak in February 2021. Yet, Wood's strategy is significantly long-term—an investment horizon of five years.
A Surprising Move from Cathie's Playbook: Exact Sciences Sold!
When the ball dropped for the new year 2023, the Ark Innovation ETF dimensionalized by 20%, piquing curiosity once more about Cathie Wood's investment picks. Amidst the flurry, it was surprising to learn that she jettisoned a substantial number of shares of her darling stock—Exact Sciences—between January 23 and 24. As of now, Exact Sciences has the largest stake in the Ark Innovation ETF, a medical diagnostics company renowned for at-home colon cancer tests. Over these two days, she offloaded almost 276,000 shares of Exact Sciences.
Was this move due to the stock's performance in the past year? Since it shed around 25% of its value in 2022, one might think so. But there's more to the story. Since October, the stock has gathered momentum with a staggering 116% surge. This resurgence can largely be attributed to the overall market recovery and the company's announcement that the projected revenue numbers for the fourth quarter could exceed expectations and that positive adjusted EBITDA could be accomplished in the fourth quarter, along with the entire year. Wood probably wanted to encash the gains she accrued in this brief period. In the Ark Innovation ETF, Exact Sciences still commands over 8% and continues to be the top pick. Intrigued investors might also consider purchasing shares of this burgeoning healthcare company, as it still harbors around 23% room for growth—a price target of 74 euros stake.
Wondering about the fortune of hydrogen stocks Nel Asa and Plug Power after the recent surge? Stay tuned!
- Cathie Wood, renowned for her ARK ETFs focusing on tech, innovation, and growth, sold a substantial number of shares of Exact Sciences, a medical diagnostics company, in January 23-24, 2023.
- Despite selling Exact Sciences shares, Exact Sciences remains the top pick in the Ark Innovation ETF, with over 8% stake.
- Exact Sciences, known for at-home colon cancer tests, still has around 23% room for growth, with a price target of 74 euros stake.
- Wood's decision to sell Exact Sciences shares might have been due to encashing gains she accrued in the brief period following a 116% surge in the stock since October.
- In 2023, the Ark Innovation ETF, which significantly emphasizes long-term investing, recorded a 20% dimensionality, raising curiosity about Cathie Wood's investment picks.
