Cathie Wood Couldn't Stop Buying These 3 Stocks for ARK Invest Last Week
The big Feb. 18 buy came immediately after Palantir reported its quarterly financials, which sent the stock sharply lower and gave Wood a bargain entry point. Some investors were nervous that although Palantir's revenue jumped 40% year over year, it contained to lose money at a higher rate than most had anticipated. Yet as with many young companies, Palantir had a lot of stock-based compensation to weigh on its bottom line. Back that out, and there were encouraging things to see, including improving margins and considerable growth in its nongovernment private-sector business.
I'd anticipate that Wood will continue to add to positions in Palantir at opportunistic moments. It's one of ARK Innovation's smallest positions, but that could change quickly based on her past practice.
Tesla (NASDAQ: TSLA) has been the driving force behind Wood's success over the past year, and the electric-vehicle maker's stock is a top holding across several ARK Invest ETFs. Wood remains optimistic about the Elon Musk-led company's future success.
Specifically, Wood bought a total of nearly 162,000 shares for ARK Innovation on Feb. 17 and Feb. …
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