In this article, we will take a look at the 5 best ARK stocks to buy now. To see more such companies, go directly to 15 Best ARK Stocks To Buy Now.
5. UiPath Inc. (NYSE:PATH)
Number of Q4 2023 Hedge Fund Shareholders: 38
Ark Invest’s Q1 2024 Investment Stake: $717 million
UiPath Inc. (NYSE:PATH) is a global software company that specializes in robotic process automation (RPA) software. Founded by Daniel Dines and Marius Tîrcă, the company has its roots in Bucharest, Romania.
Insider Monkey’s analysis of hedge fund portfolios in the fourth quarter of 2023 revealed that 38 out of 933 hedge funds held shares in UiPath Inc. (NYSE:PATH). Notably, Catherine D. Wood’s ARK Investment Management emerged as the largest shareholder, with holdings valued at $1 billion.
4. Roku, Inc. (NASDAQ:ROKU)
Number of Q4 2023 Hedge Fund Shareholders: 32
Ark Invest’s Q1 2024 Investment Stake: $818.3 million
Established in 2002, Roku, Inc. (NASDAQ:ROKU) is a prominent American company known for its streaming devices and smart TVs. The company also licenses its streaming technology to other manufacturers and operates an advertising business across its streaming network.
Insider Monkey examined 933 hedge fund portfolios for the fourth quarter of last year, revealing that 32 of them held shares in Roku, Inc. (NASDAQ:ROKU). Notably, ARK Investment Management emerged as the largest shareholder during that period, with an investment valued at $873.4 million.
3. Block, Inc. (NYSE:SQ)
Number of Q4 2023 Hedge Fund Shareholders: 75
Ark Invest’s Q1 2024 Investment Stake: $850.39 million
Block Inc. (NYSE:SQ), formerly Square Inc., is an American company founded in 2009 by Jack Dorsey and Jim McKelvey. It operates within various sectors of the financial technology industry and has a significant presence with nearly 4 million merchants and 51 million users as of 2023, indicating strong network growth.
On March 11, Jefferies analyst Trevor Williams increased the price target for Block, Inc. (NYSE:SQ) shares from $90 to $100 while maintaining a ‘Buy’ rating. This adjusted target suggests a potential upside of 17.69% based on the latest share price.
According to Insider Monkey’s survey of 933 hedge funds in the fourth quarter of 2023, 75 investors held stakes in Block, Inc. (NYSE:SQ). The largest investor was Catherine D. Wood’s ARK Investment Management, with a stake valued at $919 million.
2. Tesla, Inc. (NASDAQ:TSLA)
Number of Q4 2023 Hedge Fund Shareholders: 82
Ark Invest’s Q1 2024 Investment Stake: $910.3 million
Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is a prominent manufacturer of fully electric vehicles and energy solutions. Their diverse product lineup includes popular models like the Model 3 and Model S sedans, Model Y and Model X SUVs, along with upcoming innovations such as the Cybertruck, Tesla Roadster, and Tesla Semi for light commercial use.
According to Insider Monkey’s analysis of hedge fund holdings at the end of December 2023, 82 out of 933 profiled hedge funds had invested in Tesla, Inc. (NASDAQ:TSLA). Notably, Philippe Laffont’s Coatue Management emerged as the company’s largest hedge fund shareholder, with a substantial $1 billion investment.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Q4 2023 Hedge Fund Shareholders: 41
Ark Invest’s Q1 2024 Investment Stake: $1.1 billion
Coinbase Global, Inc. (NASDAQ:COIN) operates as a financial infrastructure and technology company, serving the cryptocurrency sector globally. Its offerings include a financial platform for consumers, a marketplace facilitating crypto asset transactions for institutions, and technology solutions enabling developers to create applications based on cryptocurrency and securely accept crypto payments.
According to Insider Monkey’s Q4 2023 database, 41 out of the 933 hedge funds had invested in Coinbase Global, Inc. (NASDAQ:COIN). Catherine D. Wood’s ARK Investment Management owned the largest stake, valued at $1.4 billion.
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