Cathie Wood’s Ark Buys the DIp in Zillow
$Zillow-A(ZG.US$ $Zillow-C(Z.US$ Cathie Wood’s flagship exchange-traded fund pounced on a huge slump in Zillow Group Inc. to add more shares of the embattled real estate company.
The ARK Innovation ETF (ticker ARKK) bought 288,813 shares of the property firm on Tuesday, according to the daily trading update from Wood’s Ark Investment Management. Zillow plunged over 10% on the day after pulling the plug on its tech-powered home-flipping operation
Source: Bloomberg
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Geertruida : Well, 289k shares of Zillow is about 0.12% of ARKK's assets, so it's like gambling $12 if your account size is $10k. Not saying she should be reckless, but this particular purchase alone isn't that big of a deal.
Jacinthen : Seems early to me. I think Zillow has a lot more pain ahead of it before it can turn around again.
Marilyne : starting to think cathie woods is a degenerate gambler just buying up dips on companies she perceives to be decent. I think her tsla success is giving her a bit too much confidence. I guess we'll see, though.
carririlin : Wood is known for buying on dips in her high belief bets