In this article, we discuss 5 important stocks sold by Cathie Wood recently. You can see some more stocks sold by Wood’s fund ARK in the first quarter of 2022 by clicking Cathie Wood Is Selling These 10 Stocks in 2022.
5. Twitter Inc (NYSE:TWTR)
Cathie Wood dumped 93% of her stake in Twitter Inc (NYSE:TWTR) in the first quarter of 2022. Twitter Inc (NYSE:TWTR) has been gaining a lot of attention since Elon Musk announced his plans to buy the company. Some analysts are hopeful that Musk’s plans would likely infuse huge engagement and growth in Twitter Inc (NYSE:TWTR). Musk recently hinted that Twitter Inc (NYSE:TWTR) will remain free for “casual” users but could charge a “slight cost” for commercial users.
As of the end of the fourth quarter of 2021, 83 funds had stakes in Twitter Inc (NYSE:TWTR), as compared to 94 funds in the previous quarter.
4. Stitch Fix Inc (NASDAQ:SFIX)
Cathie Wood’s fund initiated a stake in personal styling service Stitch Fix Inc (NASDAQ:SFIX) in the fourth quarter of last year but was quick to unload the stake as it sold all of its shares in the company in the first quarter of 2022. Stitch Fix Inc (NASDAQ:SFIX) is down a whopping 70% in the last 6 months. In March, Stitch Fix Inc (NASDAQ:SFIX) cut its full-year guidance which caused the stock to go in a free fall.
Of the 924 funds tracked by Insider Monkey, 35 had stakes in Stitch Fix Inc (NASDAQ:SFIX) as of the end of the fourth quarter of 2021. David Greenspan’s Slate Path Capital has an $81 million stake in Stitch Fix Inc (NASDAQ:SFIX) as of the end of December.
3. Netflix, Inc. (NASDAQ:NFLX)
Cathie Wood has been cutting her stake in Netflix, Inc. (NASDAQ:NFLX) since the first quarter of 2021. In the first quarter of this year she sold 98% of her stake in the struggling streaming giant which was once the darling of tech stock investors. Netflix, Inc. (NASDAQ:NFLX) lost a whopping 200,000 subscribers in the first quarter, while analyst were expecting Netflix, Inc. (NASDAQ:NFLX) to add 2.5 million subscribers. Netflix, Inc. (NASDAQ:NFLX) dropped a bombshell on investors by announcing that it expects to lose another 2 million subscribers in the second quarter.
Bill Ackman recently said that his hedge fund sold its entire stake in Netflix, Inc. (NASDAQ:NFLX) after the company disclosed the results, taking a $400 million loss. Ackman said that Pershing Square has “lost confidence” in its ability to predict Netflix, Inc. (NASDAQ:NFLX)’s future prospects.
2. Palantir Technologies Inc. (NYSE:PLTR)
Though Cathie Wood still owns 612,000 shares of Palantir Technologies Inc. (NYSE:PLTR), she cut her stake by 99% in Peter Thiel’s software company in the first quarter of 2022. In the last quarter of 2021, Cathie Wood’s ARK had owned 35.2 million shares of Palantir Technologies Inc. (NYSE:PLTR). Palantir Technologies Inc. (NYSE:PLTR) shares have lost 51% in the last 12 months.
Insider Monkey’s database of elite funds show that 33 hedge funds had stakes in Palantir Technologies Inc. (NYSE:PLTR) as of the end of the fourth quarter of 2021. Jim Simons’ Renaissance Technologies has a $266 million stake in Palantir Technologies Inc. (NYSE:PLTR) as of the end of December.
1. Opendoor Technologies Inc. (NASDAQ:OPEN)
Cathie Wood sold her entire stake in online real estate company Opendoor Technologies Inc. (NASDAQ:OPEN) in the first quarter of 2022. ARK had reported owning 1.62 million shares of Opendoor Technologies Inc. (NASDAQ:OPEN) at the end of the fourth quarter of 2021. The Pulte Family recently disclosed an investment of $2.45 million in Opendoor Technologies Inc. (NASDAQ:OPEN).
“While some home builders lag when it comes to technology, there are exciting opportunities for those who seize the opportunity like OpenDoor has,” the family’s representative said in a press release.
Opendoor Technologies Inc. (NASDAQ:OPEN) is down 48% year to date.
