Wed Nov 06 16:24:04 UTC 2024: ## Cathie Wood’s Ark Invest Sees Gains, Buys Shopify, Meta, and Coinbase
Cathie Wood, founder and CEO of Ark Invest, is seeing some green shoots in her investment portfolio. While still lagging the overall market in 2024, some of her exchange-traded funds (ETFs) are finally showing positive year-to-date gains. Wood has been busy adding to her existing positions, recently buying shares in Shopify, Meta Platforms, and Coinbase.
Shopify, Ark Invest’s largest holding across all funds, has soared 62% since bottoming out this summer. Wood’s recent purchase comes ahead of Shopify’s third-quarter earnings report, which is expected next week. The company has shown strong momentum since its well-received second-quarter results, with revenue rising 21% and returning to profitability.
Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, reported solid third-quarter earnings last week, but the stock declined due to concerns about rising spending costs. Despite the short-term headwinds, Wood believes Meta’s massive reach and strong monetization capabilities represent a good opportunity.
Coinbase, the largest cryptocurrency exchange, has seen a surge in revenue, nearly doubling year-over-year. However, the company has struggled with profitability, with adjusted net income falling short in recent reports. Despite this, Wood remains a strong believer in crypto and sees Coinbase as a way to capitalize on the digital currency wave.
Wood’s recent purchases suggest a continued belief in the long-term potential of these companies, despite recent market volatility. Her investments in Shopify, Meta, and Coinbase reflect her focus on disruptive technologies and the growth potential of the digital economy.
First Piper 