Cathie Wood sells $10 million of beaten-down tech stock
The Ark Innovation ETF is down 17% year-to-date.
Cathie Wood, head of Ark Investment Management, follows an active trading strategy, making investment decisions based on market momentum.
She will buy when a stock rises, aiming to ride the rally. If a stock falls, she sometimes sells to cut losses rather than holding through the downturn.
That’s what she did last week. She sold a tech stock that is down 16% over the past month.
Wood’s flagship fund, Ark Innovation ETF (ARKK) , underperformed the market in 2024.
And although it briefly outpaced the Nasdaq Composite and the S&P 500 in January and early February, ARKK is down 17% year-to-date as of March 10. The Nasdaq Composite and S&P 500 lost 9.5% and 4.5% respectively during the same period.
The fund’s recent struggles stem largely from its biggest holding, electric-vehicle producer Tesla (TSLA) , which has declined more than 40% this year.
