This "Magnificent Seven" Stock Is Trading Near Its Most Prime Valuation in a Decade, and Cathie Wood Just Bought the Dip
Cathie Wood just bought one particular Magnificent Seven stock at a historically cheap price point.
Cathie Wood leads wealth management firm Ark Invest as its CEO and chief investment officer. Financial news programs and podcasts frequently feature Wood, who often promotes her long-term investment strategies in technology companies disrupting emerging markets.
Although Ark generally focuses its portfolio on smaller, speculative opportunities, Wood maintains some exposure to megacap stocks. According to Ark's records, e-commerce and cloud computing behemoth Amazon (NASDAQ: AMZN) is the thirteenth-largest position across the entire portfolio.
So far this year, shares of Amazon have dropped by roughly 18%. These declines don't appear to be deterring Wood, though. Between April 4 and April 8, Ark scooped up approximately 104,000 shares of Amazon -- spread across the ARK Next Generation Internet, ARK Autonomous Technology & Robotics, ARK Innovation, and ARK Fintech Innovation exchange-traded funds (ETF).