In this piece, we will take a look at Cathie Wood’s stock portfolio for 2024. If you want to go through our overview of Wood, her firm, and the latest news revolving around her hedge fund, then you can go ahead to Cathie Wood’s Stock Portfolio: 2024 Stock Picks.
5. Roku, Inc. (NASDAQ:ROKU)
Number of Hedge Fund Investors: 32
Ark Investment’s Q4 2023 Investment Value: $873.4 million
Founded in 2002, Roku, Inc. (NASDAQ:ROKU) is an American public company specializing in streaming devices and smart TVs. It licenses its streaming technology to other manufacturers and operates an advertising business over its streaming network. As of 2023, Roku holds the position of the leading streaming TV network in the U.S. with 70 million viewers.
Insider Monkey took a look at 933 hedge fund portfolios for last year’s fourth quarter and found that 32 were the firm’s shareholders.. During the same time period, leading the charge as Roku, Inc. (NASDAQ:ROKU)’s largest shareholder in our database was ARK Investment Management due to its $873.4 million investment.
4. Block, Inc. (NYSE:SQ)
Number of Hedge Fund Investors: 75
Ark Investment’s Q4 2023 Investment Value: $919.5 million
Founded in 2009 by Jack Dorsey and Jim McKelvey, Block Inc. (NYSE:SQ) is an American public company. Originally named Square Inc., the company encompasses diverse businesses within the financial technology sector. As of 2023, Block’s service network boasts nearly 4 million merchants and 51 million users.
Block Inc (NYSE:SQ) shares recently surged after the company released Q4 results and provided strong 2024 EBITDA guidance. Block Inc’s (NYSE:SQ) net income in the fourth quarter came in at 2 cents a share, significantly better than the loss of 93 cents a share it posted in the year-ago period.
Out of the 933 hedge funds tracked by Insider Monkey in the fourth quarter of 2023, 75 hedge funds had stakes in Block Inc (NYSE:SQ), a notable increase from 60 hedge funds in the previous quarter.
3. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Investors: 82
Ark Investment’s Q4 2023 Investment Value: $944.85 million
Based in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is a leading American multinational company specializing in electric vehicles and sustainable energy solutions. Renowned for its innovative electric car designs and manufacturing, Tesla also provides stationary battery energy storage solutions for both residential and grid-scale applications. The company offers a range of products and services, including solar panels, solar shingles, and related sustainable energy solutions.
Insider Monkey scoured through 933 hedge fund portfolios for 2023’s December quarter to find that 82 were the firm’s investors. Tesla, Inc. (NASDAQ:TSLA)’s biggest hedge fund investor is Philippe Laffont’s Coatue Management courtesy of its $1 billion stake.
2. UiPath Inc. (NYSE:PATH)
Number of Hedge Fund Investors: 38
Ark Investment’s Q4 2023 Investment Value: $1.079 billion
UiPath Inc. (NYSE:PATH) is an international software company specializing in robotic process automation (RPA) software. Established in Bucharest, Romania, it was founded by Daniel Dines and Marius Tîrcă.
Scotia Bank initiated coverage of the robotics automation software company earlier in February. UiPath Inc. (NYSE:PATH) has evolved into a “full-fledged platform for enterprise-level automation,” analysts Nick Altmann and Patrick Colville wrote in a note to clients, allowing it to expand its total addressable market and gain wallet share from existing customers. Altmann and Colville put a Sector Perform rating and $29 price target on UiPath Inc. (NYSE:PATH) shares.
During 2023’s December quarter, 38 out of the 933 hedge funds covered by Insider Monkey were UiPath Inc. (NYSE:PATH)’s investors. Cathie Wood maintained her position as the firm’s biggest investor with an $1.07 billion stake.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Investors: 41
Ark Investment’s Q4 2023 Investment Value: $1.49 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.
On February 15, JPMorgan (JPM) revised its stance on Coinbase Global, Inc. (NASDAQ:COIN) amidst a notable surge in cryptocurrency prices, particularly following the approval of spot bitcoin (BTC) exchange-traded funds (ETFs) in the United States, signaling a potential shift in the industry landscape. JPMorgan upgraded its rating on Coinbase Global, Inc. (NASDAQ:COIN) from ‘Underweight’ to ‘Neutral,’ reflecting a more balanced perspective on the company’s prospects moving forward.
According to Insider Monkey’s fourth-quarter database, 41 hedge funds maintained a bullish stance on Coinbase Global, Inc. (NASDAQ:COIN), a sharp jump from the 27 in the previous quarter. ARK Investment Management held the largest position in the company, with 8.59 million shares valued at $1.49 billion
Patient Capital Management stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its fourth quarter 2023 investor letter:
“Coinbase Global, Inc. (NASDAQ:COIN) climbed an incredible 131.7% in the quarter outpacing the 57% gain in bitcoin over the same period as investors became excited about the potential approval of a Bitcoin ETF in the new year. Coinbase continues to stand out as the lead survivor in an industry of fading and failing leaders. Cost savings initiatives taken earlier in the year have resulted in three quarters of positive EBITDA leading to expectations for “meaningful positive adjusted EBITDA” for the full year 2023. We continue to believe COIN has the potential to be the platform for crypto with $5B in liquidity providing the ability to invest and weather any crypto winters.”
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