Cathie Wood sells $4 million of tumbling tech stock
The Ark Innovation ETF is down 9% year-to-date.
Cathie Picket, chief of Ark Investment Management, is essential for her bold trades on tech stocks.
She generally buys stocks on the approach up, hoping for more beneficial properties forward. Every so continually, she sells all of them over stock dips to protect far from extra losses.
That’s what she moral did. She sold a tech stock that is down 14% all around the last month.
Picket’s flagship fund, the Ark Innovation ETF (ARKK) , underperformed the market in 2024.
Even supposing it briefly outpaced the Nasdaq Composite and the S&P 500 in January and early February, ARKK is down roughly 9% 365 days-to-date as of Mar. 7, while the Nasdaq Composite and S&P misplaced 5.8% and 1.9% all around the same duration, respectively.
The fund’s recent struggles stem largely from Tesla (TSLA) ’s 35% decline this 365 days. Tesla is the fund's largest holding. Tesla is also off 46.2% from its 52-week excessive, reached in December.
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