Investors that are interested in knowing what stocks Cathie Wood is buying need look no further than gaming platform Roblox (NYSE:RBLX).
Let’s jump into that news below!
- Cathie Wood, the CEO and CIO of Ark Invest, recently picked up shares of RBLX stock in a buying spree.
- This saw her add about $24 million of the stock to the holdings of her investment vehicles.
- That investment is split between two ETFs under Cathie Wood’s control.
- The first is her main Ark Innovation ETF (NYSEARCA:ARKK)), which added 337,000 shares of RBLX stock to its holdings.
- Next is ARK Next Generation Internet ETF (NYSEARCA:ARKW) acquiring an additional 117,000 shares of the stock.
- So what news is behind Cathie Wood buying more stock of RBLX stock?
- It all has to do with the game development and publishing company’s most recent earnings report.
- That includes earnings per share of -25 cents missing Wall Street’s estimate of -11 cents.
- Cathie Wood isn’t the only one that thinks RBLX stock is worth buying after its poor earnings report.
- Several analysts weighed in on the company’s shares with price predictions for a turnaround on the way.
Cathie Wood recently spoke about the stocks she’s buying and what’s behind her decisions with CNBC.
“We’ve had a significant decline. We do believe innovation is in the bargain basement territory… Our technology stocks are way undervalued relative to their potential… Give us five years, we’re running a deep value portfolio.”
Woods might be right about RBLX stock. The shares are already starting to recover today with the stock sitting 2.7% higher as of Thursday afternoon.
There’s more stock market news that investors will want to know about below!
We’ve got the latest stock coverage that traders need to know about today! A few examples include potential plans for Tesla’s (NASDAQ:TSLA) new plant, the best electric car for 2022, as well as what’s boosting Rivian (NASDAQ:RIVN) stock today. You can find all of this news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
