Wood Bolsters Holdings in Volatile Stocks Amid Market Rally
Cathie Wood, CEO of Ark Invest, has been known to buy stocks when they pull back. This week was no exception.
Despite the market's strong performance on Monday, Wood added to some of her existing positions in companies like CoreWeave (CRWV), Amazon (AMZN), and Rocket Lab (RKLB).
CoreWeave's stock price has been volatile since its IPO last year. Despite a 19% increase on Monday, it still trades at 44% below its 52-week high.
The company reported revenue growth of 112% in its latest quarter, but investors were disappointed by the larger-than-projected loss.
Analyst James Fish initiated coverage with a bullish rating and a $151 price target, offering 76% near-term upside. CoreWeave also announced plans to expand into Indonesia, marking its first push into the Asia-Pacific region.
AWS drove Amazon's strongest top-line surge in five years, with net sales rising 20%. Ark Invest was a buyer of Amazon for all five of Wood's aggressive growth ETFs on Monday.