5 Tech Stocks to Sell Now According to Cathie Wood

3. Align Technology, Inc. (NASDAQ:ALGN)

Percentage of Stake Sold by ARK Investment Management in Q2 2023: 36%

Number of Hedge Fund Holders: 35

Tempe, Arizona-based Align Technology, Inc. (NASDAQ:ALGN) a leading global medical device company that designs, manufactures, and sells the Invisalign® System of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry.

On July 26, Align Technology, Inc. (NASDAQ:ALGN) released its financial results for Q2 2023. It generated a revenue of $1.0 billion and a net income of $112 million during the quarter which translates to a normalized EPS of $2.22, $0.18 more than the consensus estimates.

On August 30, HSBC initiated coverage of Align Technology, Inc. (NASDAQ:ALGN) shares with a price target of $450 and a ‘Buy’ rating. The price target represents a potential upside of 20% based on the latest share price.