This Cathie Wood Stock Is Outperforming Even Tesla

Must read

STATIC-X Streams New Song “Z0mbie”

Static-X is now streaming their new single "Z0mbie" from the upcoming...

Trump Admits He Took Money From Foreign Governments In Fox Town Hall Disaster

Trump admitted that he took money from foreign governments as president while he compared himself to George Washington and said that it...

Revolutionize Your Online Presence With Oaktree Digital Agency’s Comprehensive Solutions

A strong digital presence for your business is crucial for success and growth today. According to data from a recent survey, over 80% of...

Cathie Wood, CEO and founder of Ark Invest, takes big bets on companies with high growth potential, such as Tesla (TSLA), Coinbase (COIN), Zoom Video Communications (ZM), DraftKings (DKNG), Exact Sciences (EXAS) and Shopify (SHOP).

X

Tesla stock, UiPath (PATH), Roku (ROKU) Zoom Video and Coinbase are Ark Invest’s top holdings as of June 26. Exact Sciences, Square-parent Block (SQ), Shopify, Teladoc Health (TDOC) and DKNG stock round out Cathie Wood’s largest 10 positions.

DKNG stock is Ark Invest’s top 2023 performer among its major holdings, up 121.3% as of June 26. TSLA stock is up 95.7% after retreating in recent days. Exact Sciences (89.2%) and SHOP stock (82.2%) have nearly doubled.

SQ stock and ZM stock are the biggest laggards, down 1.7%. TDOC stock edged higher.

Year to date, the Dow Jones climbed 1.7%, the S&P 500 index 12.7% and the Nasdaq composite 27.4%.

Ark Invest Top Holdings’ 2023 Performance

Company Ticker 2023 change Vs. all-time high
DraftKings DKNG 121.3% -66.1%
Tesla TSLA 95.7% -41.8%
Exact Sciences EXAS 89.4% -41.2%
Shopify SHOP 82.2% -64.1%
Coinbase COIN 75.0% -85.6%
Roku ROKU 54.6% -87.2%
UiPath PATH 24.9% -82.4%
Teladoc Health TDOC 0.8% -92.3%
Zoom ZM -1.7% -88.7%
Block SQ -1.7% -78.7%

DraftKings Stock Performance

DKNG stock traded near 52-week lows right at the end of 2022, but then took off, nearly doubling through late February. After consolidating for a couple months, the online sports betting giant broke out again. Since then, DraftKings stock has been volatile, but finding support at a rising 21-day moving average.

Tesla Stock Performance

Tesla stock plunged 65% in 2022, but has roared back in 2023. After a huge run to start the year, TSLA stock consolidated for a few months, but has run rapidly from late April. Shares broke out of a new base in early June, part of a record 13-session win streak. Tesla stock has pulled back toward its 21-day line. Shares could be in the process of forming a handle on a long, deep consolidation going back to last September.

Cathie Wood Pares Winners

Ark Invest has a $2,000 price target on Tesla stock in 2027, but Cathie Wood has pared her big holdings in recent weeks, including a sale of 27,841 Tesla shares on June 23. Wood has a tendency to sell stocks after a strong gain. Plus, TSLA stock has been exceeding 10% of the total value of ARK Innovation ETF (ARKK).


Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live


Ark Invest Adds To Losers

Ark Invest is also prone to buying stocks as they sell off, aiming to load up on the cheap. Wood’s Ark added COIN stock in early June, as first Binance and then Coinbase itself faced SEC charges.

Tesla Profitable, Many Ark Stocks Aren’t

Cathie Wood bets big on companies on cutting-edge fields, from EVs to artificial intelligence, automation, telemedicine and gene editing. But that doesn’t necessarily mean these particular companies and stocks will lead the way, even on a Wood-style time horizon.

Tesla is highly profitable, though EPS is expected to fall in 2023. UiPath, Square, Shopify also are making money, with Shopify expected to deliver massive EPS growth in 2023. DraftKings isn’t profitable yet, but revenue growth is strong. Exact Sciences and Square-parent Block have solid sales growth. Roku and Teladoc have slowing revenue gains while Coinbase’s is falling.

Ark ETFs Rebound In 2023

Cathie Wood’s flagship ARK Innovation ETF dived 67% in 2022 but has rebounded 34.1% in 2023. ARKK is still 73.8% below its February 2021 peak.

The Ark Genomic Revolution ETF (ARKG) has bounced 15.5% this year but is off 71.7% from its all-time high.

Ark Fintech Innovation ETF (ARKF) has jumped 39.5% in 2023 after setting record lows in 2022.

Ark Invest Still Underwater On Top Holdings

Ark is up big on Tesla stock. Its current position over three ETFs has an average cost basis of $85.56-$108.39. Its EXAS stock stake is close to break-even, with a $94.56-$106.19 cost basis. But it’s down roughly 50% on DKNG stock and Shopify, and is down far more than 50% on the other six stocks.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Market Pullback Healthy; What To Do Now

Catch The Next Big Winning Stock With MarketSmith

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Tesla Vs. BYD: EV Giants Vie For Crown, But Which Is The Better Buy?

More articles

Latest article

Manhattan Criminal Case Against Trump Escalates To Grand Jury

Manhattan DA Alvin Bragg will begin presenting criminal evidence to a grand jury about...

House Republicans Are Getting Death Threats And Jim Jordan Isn’t Stopping Them

Rep. Drew Ferguson said the death threats started coming into his office as soon as he flipped his vote away from Jim...

Berkshire Operating Earnings Jump on Insurance Strength

(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. posted gains in operating profit as strength in its insurance businesses helped counter inflationary pressures that have...

Reformation’s Summer Sale Starts Tomorrow — Here’s A Sneak Peek

Photo: Courtesy of Reformation. The long-awaited Reformation annual summer sale kicks off Tuesday, August 15. We got a preview of the sale, and this...

WRETCHED Signs To Metal Blade For First Record Since 2014

North Carolina technical deathcore unit Wretched has signed to Metal Blade...