Cathie Wood Doubled Her Stakes in These 5 Stocks in 2022

In this article, we discuss the 5 stocks that Cathie Wood doubled her stakes in 2022. If you want to read about some more stocks that Wood is doubling down on, go directly to Cathie Wood Doubled Her Stakes in These 10 Stocks in 2022. 

5. Roblox Corporation (NYSE:RBLX)

Number of Hedge Fund Holders: 61  

Percentage Increase in Stake During Q1: 202%

Roblox Corporation (NYSE:RBLX) owns and runs an online entertainment platform. The hedge fund of Cathie Wood entered the second quarter of 2022 with a $281 million stake in the company comprising over 6 million shares. The company has featured in the ARK portfolio consistently since the first quarter of 2021. ARK has increased its stake in the online entertainment firm by 87%, 33%, 56%, and 201% in the past four quarters. The holding represents 1.17% of the ARK portfolio. 

On May 10, Wedbush analyst Nick McKay initiated coverage of Roblox Corporation (NYSE:RBLX) stock with a Neutral rating and a price target of $28. Morgan Stanley and Stifel have also recently lowered their targets on the stock. 

At the end of the fourth quarter of 2021, 61 hedge funds in the database of Insider Monkey held stakes worth $4 billion in Roblox Corporation (NYSE:RBLX), up from 50 in the previous quarter worth $3.5 billion.

In its Q4 2021 investor letter, Tao Value, an asset management firm, highlighted a few stocks and Roblox Corporation (NYSE:RBLX) was one of them. Here is what the fund said:

“Roblox Corporation (NYSE:RBLX) got significant more attention from both institutional & retail investors after Facebook announced to rename itself as Meta Platforms. I believe the price appreciation is largely attributed to the increased attention. On business side, Roblox Corporation (NYSE:RBLX) rolled out a few successful music events and also partnered with Netflix on testing long-form media consumption in virtual world. Apple in its iOS 14.5 rolled out an impactful change for digital advertising landscape by requiring all apps to ask users to “opt in”.”