Ark purchases Coinbase after a rut, according to Cathie Wood Watch

Ark purchases Coinbase after a rut, according to Cathie Wood Watch ...

Thursday, Cathie Wood, the CEO of Ark Investment Management, traded familiar names, buying a cryptocurrency exchange, and selling a digital entertainment company.

As of Thursdays close, all of the valuations below are confirmed.

Ark funds purchased a staggering 546,579 shares of Coinbase, the largest cryptocurrency exchange in the United States, valued at $29.3 million.

The stock has weakened in recent days as cryptocurrencies have decreased by 83 percent year on year. Wood is frequently doubled down on her holdings when they fall. Get a ARK Innovation ETF Report.

Ark funds purchased 563,322 shares of Velo3D (VLD), a provider of metal 3D printing solutions, valued at $1.4 million. Ark Genomic Revolution ETF Reportsnagged 163,412 shares of Burning Rock Biotech (BNR), valued at $576,844.

Ark funds unloaded 455,972 shares of digital entertainment business SEA (SE) - Get Sea Ltd. (Singapore) Report, valued at $26 million. Ark Next Generation Internet ETF Reportdumped 83,940 shares of electronics provider Nano Dimension (NNDM) - Get Nano Dimension Ltd. Report, valued at $190,543.

Ark Genomic sold 74,830 shares of Editas Medicine (EDIT) - Get Editas Medicine, Inc. Report, a biotechnology company, valued at $750,545.

Ark Is Trailing the S&P 500

As Ark funds have dropped in recent months, Wood has defended herself by stating that she has a five-year investment potential.

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And the five-year record of her flagship fund Ark Innovation ETF ARKK might indeed be beneficial to investors until Monday. Ark Innovation''s five-year return surpassed the record of the S&P 500 until then. However, Ark Innovation''s five-year annualized return surpassed the record of the S&P 500.

Ark Innovation has dropped 63 percent so far this year, as woods'' young, disruptive technology firms have slammed the skids. It has dropped 78 percent from its peak in February 2021. The rise in inflation and rising interest rates have helped put the kibosh on tech stocks.

However, Woods investors arent dethroning her. Ark Innovation has experienced net inflows so far this year, bringing in $41 million last Friday.

Morningstars View on Ark

On March 29, Morningstar analyst Robby Greengold issued a sabotaging critique of Ark Innovation.

According to ARKK, it shows little signs of improving its risk management or the ability to navigate the difficult terrain it explores.

The strategy, which has grown from the beginning, has been one of the worst-performing U.S.-sold funds. Woods'' reliance on her instincts to build the portfolio is a risk.

In a recent interview with Magnifi Media, Wood responded to Greengolds concerns. I know there are companies like that one [Morningstar] who don''t understand what we''re doing.

We do not fit into their style boxes, and I think style boxes will become a thing of the past, as technology blurs the boundaries between and among sectors.

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