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The ace stock picker of Ark Investment Management has been bullish on Tesla for years. Yet she’s been taking some profits off the table recently as shares of the electric car maker have soared.
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Wood’s Ark Investment Management sold 46,414 shares of Tesla last Thursday and 80,354 shares last Friday — a total haul estimated at $114 million.
On Monday, she unloaded another 22,598 shares of the company.
Tesla remains the largest holding at Ark Invest.
Meanwhile, she’s “buying the dip” on a few other companies — one of them could be worth purchasing with some of your spare change.
Snap (SNAP)
Snap stock was doing just fine this year — up until this earnings season.
The camera and social media company reported disappointing Q3 results on Thursday. While revenue grew 57% year-over-year to $1.07 billion, it missed Wall Street’s expectation of $1.1 billion.
Apple’s iPhone privacy changes disrupted Snap’s advertising business. Management also warned that global supply chain interruptions and labor shortages could dampen advertising demand over the short-term
Snap shares plunged 23% in after-hours trading on the bearish outlook, but Wood moved quickly to pounce on the decline.
On Friday, Ark scooped up 230,323 shares of Snap.
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Twitter (TWTR)
Snap’s plummeting price triggered a sell-off in other social media companies, too.
In after-hours trading Thursday, both Facebook and Twitter dropped about 5%. Even Google parent company Alphabet slipped more than 2%.
On Friday, Wood’s Ark picked up 448,944 shares of Twitter.
According to the latest earnings report, Twitter had 211 million monetizable daily active users in Q3, 5 million more than what it had in Q2.
Revenue totaled $1.28 billion, up 37% year over year and in line with analyst expectations.
Of course, if you’re on the fence about jumping into social media stocks when they’re facing so much uncertainty, you can build your own tech portfolio just by using digital nickels and dimes.
Skillz (SKLZ)
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With a market cap of around $4.4 billion, mobile gaming company Skillz is much smaller than any of the names mentioned above.
But the stock has gotten a lot of investor attention, partially due to its swingy nature.
At the beginning of this year, Skillz was trading at $18 per share. It soared to well above $40 in early February before losing upward momentum. By mid-October, the shares had fallen to less than $10.
Unlike its volatile stock price, Skillz’s business has been trending in a steady direction: upward.
In fact, the company has generated 22 consecutive quarters of top-line growth. Its Q2 revenue of $89.5 million represented a 52% increase from a year ago.
Skillz shares have perked up a bit in recent days, likely fueled by investor excitement over Wood’s strong bullishness.
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Last Thursday, Ark Invest bought over 2.1 million shares of the company.
A creative alternative
Investors like to follow fund managers for stock picks. But stocks aren’t the only thing you’ll find in the portfolios of Wall Street tycoons.
Many of them also invest in fine art.
Contemporary artwork has already outperformed the S&P 500 by a commanding 174% over the past 25 years, according to the Citi Global Art Market chart.
Investing in fine art by the likes of Banksy and Andy Warhol used to be an option only for the ultra-rich, like Wood.
But with a new investing platform, you can invest in iconic artworks, too, just like Jeff Bezos and Bill Gates do.
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Jing is an investment reporter for Moneywise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
