Cathie Wood is Buying These 10 Growth Stocks

Published on September 20, 2022 at 9:48 am by Usman Kabir in Hedge Funds, News

In this article, we discuss the 10 growth stocks that Cathie Wood is buying. If you want to read about some more stocks in the Wood portfolio, go directly to Cathie Wood is Buying These 5 Growth Stocks.

Cathie Wood of ARK Investment Management manages an equity portfolio that was worth close to $17 billion at the end of the second quarter of 2022. Wood, a prominent tech bull, has backed companies like Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG) to emerge from the present macro crisis with deep value for investors. The value of her equity portfolio has plummeted by close to $6 billion in the past few months as growth stocks are hammered due to soaring inflation and rising rates.

Wood has refused to back down from her growth-focused investing strategy. On September 14, merely hours after the United States government released hotter-than-expected inflation data for August that induced a mass selloff at the market, Wood used the opportunity to bolster her stakes in 27 prominent growth names, per data compiled by news publication Bloomberg. This was the biggest buying spree for her fund since February this year and came as the tech-focused NASDAQ Composite posted the worst drop since March 2020.

The flagship fund of Cathie Wood, the ARK Innovation ETF, has lost close to 57% in value year-to-date as a series of rate hikes by the Federal Reserve pummel growth names. As another rate hike is expected in the coming days, the fund could drop even lower. Wood has sought to calm her clients by tweeting that there were several deflationary indicators in the pipeline and the buying spree of her fund was meant to position for this. Wood pointed to falling prices of gold, lumber, copper, and other basic materials to make her point.

Our Methodology

These were picked according to the investment portfolio of ARK Investment Management at the end of the second quarter of 2022. Only equities in which the hedge fund increased stakes by at least 20% or more, between March and June, compared to first quarter filings, were selected. In order to provide readers with a more comprehensive overview of the companies, the analyst ratings for each firm are mentioned alongside other details. A database of around 900 elite hedge funds tracked by Insider Monkey in the second quarter of 2022 was used to quantify the popularity of each stock in the hedge fund universe.

Cathie Wood of ARK Investment Management

Cathie Wood is Buying These Growth Stocks

10. Matterport, Inc. (NASDAQ:MTTR)

Number of Hedge Fund Holders: 7

Percentage Increase in Stake During Q2 2022: 95%

Matterport, Inc. (NASDAQ:MTTR), a spatial data company, focuses on the digitization and datafication of the built world. ARK Investment Management owned 1 million shares in Matterport, Inc. (NASDAQ:MTTR) at the end of June 2022 worth $5.6 million, representing 0.03% of the portfolio of the fund.

On August 16, Wolfe Research analyst Gal Munda initiated coverage of Matterport, Inc. (NASDAQ:MTTR) stock with a Peer Perform rating, noting the firm produced best-in-class reality capture software for a number of industries.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management is a leading shareholder in Matterport, Inc. (NASDAQ:MTTR), with 3.6 million shares worth more than $13 million.

Just like Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG), Matterport, Inc. (NASDAQ:MTTR) is one of the stocks feeling the heat of an economic slowdown.

In its Q4 2021 investor letter, Miller Value Partners, an asset management firm, highlighted a few stocks and Matterport, Inc. (NASDAQ:MTTR) was one of them. Here is what the fund said:

“Matterport, Inc. (NASDAQ:MTTR) continued to be a strong contributor during the quarter after Matterport’s ability to contribute to the building of the metaverse was brought to light. The company reported 3Q results that missed consensus due to unexpected supply constraints and labor shortage in its capture services. The company reported total sales of $27.7M below consensus of $29.1M but with gross profit beating coming in at $15.2M versus $15.1M expected leading to an EPS loss of -$0.06 slightly better than consensus of -$0.07. The company lowered full-year revenue guidance to $107-110M down from $120-126M previously while also lowering FY22 topline guidance to 50% growth from 65% at the time of the PIPE transaction due to continuing supply constraints and labor shortage.”

9. Nurix Therapeutics, Inc. (NASDAQ:NRIX)

Number of Hedge Fund Holders: 12

Percentage Increase in Stake During Q2 2022: 99%

Nurix Therapeutics, Inc. (NASDAQ:NRIX), a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule therapies for the treatment of cancer and immune disorders. ARK Investment Management owned 778,725 shares in Nurix Therapeutics, Inc. (NASDAQ:NRIX) at the end of June 2022 worth $7.8 million, representing 0.04% of the portfolio of the fund.

On July 8, Stifel analyst Stephen Willey maintained a Buy rating on Nurix Therapeutics, Inc. (NASDAQ:NRIX) stock and lowered the price target to $37 from $44, noting the firm had posted an in-line earnings announcement and corporate update.

At the end of the second quarter of 2022, 12 hedge funds in the database of Insider Monkey held stakes worth $163 million in Nurix Therapeutics, Inc. (NASDAQ:NRIX), compared to 20 the preceding quarter worth $129.8 million.

8. Fiverr International Ltd. (NYSE:FVRR)

Number of Hedge Fund Holders: 16

Percentage Increase in Stake During Q2 2022: 23%

Fiverr International Ltd. (NYSE:FVRR) operates an online marketplace worldwide. At the end of June 2022, ARK Investment Management owned 40,565 shares in Fiverr International Ltd. (NYSE:FVRR) worth $1.7 million, representing 0.01% of the portfolio.

On August 5, Needham analyst Bernie McTernan maintained a Buy rating on Fiverr International Ltd. (NYSE:FVRR) stock and raised the price target to $50 from $40, noting the firm was ramping up profitability faster in response to a continued lack of end market momentum.

Among the hedge funds being tracked by Insider Monkey, Washington-based firm Millennium Management is a leading shareholder in Fiverr International Ltd. (NYSE:FVRR), with 678,656 shares worth more than $23 million.

7. Global-e Online Ltd. (NASDAQ:GLBE)

Number of Hedge Fund Holders: 17

Percentage Increase in Stake During Q2 2022: 45%

Global-e Online Ltd. (NASDAQ:GLBE) provides a platform to enable and accelerate direct-to-consumer cross-border e-commerce. The hedge fund of Cathie Wood owned 812,173 shares of Global-e Online Ltd. (NASDAQ:GLBE) at the end of the second quarter of 2022 worth more than $15.6 million, representing 0.09% of the total portfolio.

On August 17, Morgan Stanley analyst James Faucette maintained an Overweight rating on Global-e Online Ltd. (NASDAQ:GLBE) stock and raised the price target to $51 from $34, backing the firm to continue strong progress into next year.

At the end of the second quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $509 million in Global-e Online Ltd. (NASDAQ:GLBE), compared to 26 in the previous quarter worth $950 million.

In its Q4 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Global-e Online Ltd. (NASDAQ:GLBE) was one of them. Here is what the fund said:

“We added to several positions during the quarter including Global-e Online Ltd. (NASDAQ:GLBE). Global-e online is a global e-commerce service platform enabling cross-border transactions across 200+ countries. It provides three critical elements: website localization, payments and logistics. For background, ~30% of a global brand’s online traffic is from international shoppers, though the portion of its international sales is no more than 5%-10% as brands struggle to overcome numerous cross-border challenges—different languages, currencies, payment methods, duties/taxes and shipping providers. There is no one-size-fits-all solution as each market is unique; hence, merchants of all sizes find a do-it-yourself cross-border strategy to be complex, costly and difficult to maintain. In our view, the capability of Global-e online’s platform to remove these frictions was recently validated by its strategic partnership with e-commerce platform giant Shopify, which also made an equity investment in the company. With strong current performance and the potential for accelerated growth once Global-e completes its technological integration with Shopify’s platform, we added to our GardenSM position.”

6. Wix.com Ltd (NASDAQ:WIX)

Number of Hedge Fund Holders: 24

Percentage Increase in Stake During Q2 2022: 32%

Wix.com Ltd (NASDAQ:WIX) develops and markets a cloud-based platform that enables anyone to create a website or web application. The hedge fund of Cathie Wood owned 26,038 shares of Wix.com Ltd (NASDAQ:WIX) at the end of the second quarter of 2022 worth more than $1.6 million, representing a small portion of the total portfolio.

On August 11, RBC Capital analyst Brad Erickson maintained a Sector Perform rating on Wix.com Ltd (NASDAQ:WIX) stock and increased the price target to $80 from $75, noting the second quarter earnings of the firm were consistent with checks.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Eminence Capital is a leading shareholder in Wix.com Ltd (NASDAQ:WIX), with 1.6 million shares worth more than $105 million.

In addition to Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG), Wix.com Ltd (NASDAQ:WIX) is one of the stocks that hedge funds are monitoring as inflation heats up.

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Published on October 30, 2024 at by Inan Dogan, PhD

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Published on November 16, 2024 at by Insider Monkey Staff

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Click to continue reading…

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