U.S. stocks suffered a bloodbath following the August consumer price index (CPI) was released yesterday, but this seems to be a good opportunity for Ark Investments, which is owned by the “female stock god” Wood (Cathie Wood). Data shows that Ark Investment’s 8 funds bought a total of 27 stocks on that day, setting the fund’s biggest dip-hunting frenzy since February. The top 3 stocks that bought the most were Roku, Butterfly Network and Zoom.
According to data collected by Bloomberg, Ark Investment’s 8 ETFs bought a total of 27 stocks, of which the most bought is the streaming media equipment maker Roku (YEAR-US), and the stock has become part of Ark’s $8 billion flagship ARK Innovation ETF (ARKK-US) third-largest holdings.
Yesterday was dominated by tech stocksNasdaq The 100 posted its biggest one-day drop since March 2020 on bets that the Federal Reserve will raise interest rates sharply next week to tame stubborn inflation following the CPI report.
While inflation is a top priority for Fed officials, the woman tweeted on Monday that deflation was coming, and Tuesday’s dip showed the company was ready for it.
Athanasios Psarofagis, an ETF analyst at Bloomberg Industry Research, said the goddess’s purchases dwindled a lot following January, but have started to rise in recent days, and her convictions appear to be firmer, with her actions in line with her tweets.
As the Fed has aggressively raised interest rates this year, funds under Ark Investments are under enormous pressure. A series of sharp interest rate hikes have dragged ARKK down more than 55% this year.
But even with that prospect, the goddess sticks to her strategy of doubling down on losers and selling winners. Roku has fallen nearly 71% this year, and the second and third biggest targets for women’s bottom-hunting on Tuesday are Butterfly Network (BFLY-US) and Zoom (ZM-US), the two stocks are down 14% and 58%, respectively, this year.
The woman also sold regarding 1.5 million shares of Signare Health, which has surged regarding 160% since mid-June amid a bidding war.
Before the deadline, Roku fell 0.57% intraday on Wednesday (14th) to a tentative price of $67.66 per share; Butterfly Network fell 4.06% to a tentative price of $5.91 per share; Zoom rose 0.63% to a tentative price of $79.36 per share.
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