Cathie Wood is Getting Rid of These 5 Stocks

2. PACCAR Inc (NASDAQ: PCAR)

Number of Hedge Fund Holders: 28

Percentage Decline in Stake in Q2: 91%  

PACCAR Inc (NASDAQ: PCAR) is placed second on our list of 10 stocks Cathie Wood is getting rid of. The company makes and sells commercial trucks and operates from Washington. Regulatory filings reveal that ARK Investment Management owned 302,131 shares in the firm at the end of the second quarter of 2021, representing 0.05% of the portfolio. The shares are valued at close to $27 million. The fund has slashed stake in the firm by 91% compared to the end of March 2021. 

On July 15, investment advisory Wolfe Research upgraded PACCAR Inc (NASDAQ: PCAR) stock to Peer Perform from Underperform, noting that truck orders would rebound and the valuation of the firm looked attractive. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in PACCAR Inc (NASDAQ: PCAR) with 2 million shares worth more than $183 million. 

In its Q1 2020 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and PACCAR Inc (NASDAQ: PCAR) was one of them. Here is what the fund said:

“Shares of truck manufacturer PACCAR, Inc. fell as the North American Class 8 market continued its cyclical decline, and the outlook for sales and production took another step back with the economic impact from the pandemic.”