Cathie Wood’s Stock Portfolio: Top 5 Stock Picks For 2023

In this article, we will look at Cathie Wood’s top 5 stock picks for 2023. If you want to explore similar stocks, you can go to Cathie Wood’s Stock Portfolio: 2023 Stock Picks.

5. UiPath Inc. (NYSE:PATH)

Weight of Ark Investment Management’s 13F Portfolio: 5.34%

On April 3, TD Cowen analyst Bryan Bergin raised his price target on UiPath Inc. (NYSE:PATH) to $22 from $20 and maintained an Outperform rating on the shares.

On March 15, UiPath Inc. (NYSE:PATH) reported earnings for the fourth quarter of fiscal 2023. The company generated a revenue of $308.5 million, up 6.51% year over year and ahead of Wall Street consensus by $29.85 million. UiPath Inc. (NYSE:PATH) reported an EPS of $0.15 and outperformed EPS estimates by $0.08.

UiPath Inc. (NYSE:PATH) makes up for 5.34% of Cathie Wood’s investment portfolio. The stock is one of Cathie Wood’s top stock picks for 2023 and has gained 38.73% year to date, as of April 5.

4. Coinbase Global, Inc. (NASDAQ:COIN)

Weight of Ark Investment Management’s 13F Portfolio: 5.38%

As of April 5, Coinbase Global, Inc. (NASDAQ:COIN) has returned 84.35% to investors year to date. Cathie Wood is bullish on Coinbase Global, Inc. (NASDAQ:COIN) and the investment covers 5.38% of her hedge fund’s portfolio.

On March 27, Barclays analyst Benjamin Budish revised his price target on Coinbase Global, Inc. (NASDAQ:COIN) to $70 from $86 and reiterated an Equal Weight rating on the shares.

3. Exact Sciences Corporation (NASDAQ:EXAS)

Weight of Ark Investment Management’s 13F Portfolio: 5.43%

On February 21, Exact Sciences Corporation (NASDAQ:EXAS) announced earnings for the fiscal fourth quarter of 2022, in which it beat EPS estimates by $0.22. The company generated a revenue of $553 million, up 16.71% year over year, and outperformed market consensus by $27.39 million.

Exact Sciences Corporation (NASDAQ:EXAS) represents 5.43% of Cathie Wood’s investment portfolio. The stock is placed third among Cathie Wood’s top stock picks for 2023 and has gained 81% over the past 6 months, as of April 5.

This March, Citi analyst Patrick Donnelly raised his price target on Exact Sciences Corporation (NASDAQ:EXAS) to $90 from $70 and upgraded the stock to Buy from Neutral.

2. Roku, Inc. (NASDAQ:ROKU)

Weight of Ark Investment Management’s 13F Portfolio: 5.50%

This March, DA Davidson analyst Tom Forte updated his price target on Roku, Inc. (NASDAQ:ROKU) to $73 from $80 and reiterated a Buy rating on the shares.

On February 15, Roku, Inc. (NASDAQ:ROKU) reported earnings for the fiscal fourth quarter of 2022. The company generated a revenue of $867.06 million, up 0.20% year over year and ahead of Wall Street expectations by $64.31 million.

Cathie Wood is bullish on Roku, Inc. (NASDAQ:ROKU). The investment covers 5.50% of ARK Investment Management’s portfolio, as of April 5, and the stock has returned 57.59% to investors on a year-to-date basis.

1. Tesla, Inc. (NASDAQ:TSLA)

Weight of Ark Investment Management’s 13F Portfolio: 7.56%

On April 2, Tesla, Inc. (NASDAQ:TSLA) reported sales for Q1 2023. The company produced 440,808 vehicles in the quarter and its Q1 deliveries totaled 422,875 vehicles.

As of April 5, Tesla, Inc. (NASDAQ:TSLA) has gained 73.70% year to date. The stock is the top holding of ARK Investment Management, and accounts for 7.56% of the firm’s investment portfolio as of April 5, 2023.

On April 3, Deutsche Bank analyst Emmanuel Rosner reiterated a Buy rating and his $250 price target on Tesla, Inc. (NASDAQ:TSLA).

VGI Partners made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its 2022 annual investor letter:

“Pleasingly, the portfolio also benefited this year from a number of single-stock shorts, including a position in Tesla, Inc. (NASDAQ:TSLA), the well-known electric vehicle manufacturer that was experiencing a slowing in business momentum throughout the year as a result of pressures on consumer discretionary purchases, supply chain disruptions and increasing competition. We have expected for some time that the electric vehicle category would become more competitive, and more recently have begun to witness aggressive price cuts by manufacturers in an attempt to clear inventory, which is a negative trend for an industry that is only likely to see more competition over the coming years. The portfolio also benefited from a short position in a US-listed discount grocery store business, where investors were being pitched a large-scale store rollout story by senior management, albeit using forecasts that were extrapolating the temporarily favourable conditions into the long term and at a time when insider selling was rapidly accelerating. Both these short positions have now been profitably closed.

In meetings with investors over the last six months, we have said that the signposts that we are closer to an equity market bottom would include the reveal of a large fraud as well as a sell-off in Tesla, the retail investor poster-boy. We have seen the collapse of FTX, a large crypto company, and evidence that it is an outright fraud, along with a severe unwind in the Tesla share price (where we fortunately had a short position during CY22; since closed).”

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