In this article, we discuss Cathie Wood is Buying These 5 Stocks. If you want to read our detailed analysis of these stocks, go directly to Cathie Wood is Buying These 10 Stocks.
5. Pacific Biosciences of California, Inc. (NASDAQ:PACB)
ARK Investment Management’s Stake Value: $580,575,000
ARK Investment Management’s 13F Portfolio: 1.39%
Number of Hedge Fund Holders: 28
Pacific Biosciences of California, Inc. (NASDAQ:PACB) manufactures genomic sequencing systems. The company recorded an 83% revenue growth in Q3 2021 with total revenue of $34.9 million and surpassing estimates by $1.3 million. Pacific Biosciences of California, Inc. (NASDAQ:PACB) installed 326 Sequel II/IIe systems in the third quarter, up from 168 in the previous year. The stock gained 69% in the past twelve months.
Cathie Wood increased her holdings of Pacific Biosciences of California, Inc. (NASDAQ:PACB) by 11% in the third quarter of 2021. ARK Investment Management owned 22.7 million shares of the genomic stock worth $580 million at the end of the September quarter.
As of the end of the second quarter, 28 hedge funds tracked by Insider Monkey reported owning stakes in Pacific Biosciences of California, Inc. (NASDAQ:PACB). The total worth of these stakes is $1.64 billion.
In October, Cowen’s analyst Dan Brennan kept a Market Perform on Pacific Biosciences of California, Inc. (NASDAQ:PACB) with a $30 price target.
In its Q2 2021 investor letter, DEVON Equity Management mentioned Pacific Biosciences of California, Inc. (NASDAQ: PACB) and discussed its stance on the firm. Here is what the fund said:
“As a final word on Sequencing – we established a position in Pacific Biosciences (PACB US) during the quarter. Pac Bio is the leader in Long Read Sequencing (Illumina are dominant in Short Read). The Long Read market is far less developed than the short read, but our continued research into the genomic sequencing field increased our confidence in the commercial viability for Long Read Sequencing in the coming years. We will discuss the investment case for Pac Bio in more detail in a future letter.”
4. Invitae Corporation (NYSE:NVTA)
ARK Investment Management’s Stake Value: $736,845,000
ARK Investment Management’s 13F Portfolio: 1.76%
Number of Hedge Fund Holders: 31
Invitae Corporation (NYSE:NVTA) is a California-based DNA testing company. The company has provided over 2 million genetic testing services since its inception in 2010.
Latest filings show that the hedge fund managed by Cathie Wood owned over 25.9 million shares of Invitae Corporation (NYSE:NVTA) at the end of the third quarter of 2021 worth $737 million, representing 1.76% of the portfolio. ARK Investment Management has upped its stake in the stock by 22% between June and September.
Dan Leonard of Wells Fargo maintained an Equal Weight rating on Invitae Corporation (NYSE:NVTA) on November 9 with a price target of $25 per share.
3. Fate Therapeutics, Inc. (NASDAQ:FATE)
ARK Investment Management’s Stake Value: $646,177,000
ARK Investment Management’s 13F Portfolio: 1.55%
Number of Hedge Fund Holders: 40
Fate Therapeutics, Inc. (NASDAQ:FATE) is another stock that Cathie Wood is buying in the third quarter, adding a 46% stake in the stock. The biopharmaceutical stock represents 1.55% of ARK Investment Management’s portfolio. At the end of the September quarter, the fund owned over 10.9 million shares of the biopharma stock worth $646 million.
The California-based biotech firm develops a portfolio of cancer immunotherapies. On November 8, Fate Therapeutics, Inc. (NASDAQ:FATE) was upgraded to Buy from Neutral rating by Citi analyst Yigal Nochomovitz. The analyst set a price target of $87 for the stock.
At the end of the second quarter of 2021, 40 hedge funds in the database of Insider Monkey held stakes worth $2.77 billion in Fate Therapeutics, Inc. (NASDAQ:FATE), compared to 39 in the previous quarter worth $2.63 billion.
2. UiPath Inc. (NYSE:PATH)
ARK Investment Management’s Stake Value: $1,259,161,000
ARK Investment Management’s 13F Portfolio: 3.02%
Number of Hedge Fund Holders: 46
UiPath Inc. (NYSE:PATH) is a global software company that focuses on developing automation platforms. Cathie Wood increased her position in the stock by 102% in the third quarter of 2021, bringing the total number of shares to 23.9 million. Wood’s fund held $1.26 billion worth of tech stock at the end of the September quarter.
Shares of UiPath Inc. (NYSE:PATH) jumped 1.89% on October 13 after the company announced its partnership with Snowflake Inc., a cloud-based data platform provider based in Montana.
Phil Winslow of Credit Suisse initiated an Outperform rating on UiPath Inc. (NYSE:PATH) on November 16. Winslow believes UiPath could potentially become the world’s largest fully-automated enterprise platform. The analyst set a $75 price target for the stock.
At the end of the second quarter of 2021, 46 hedge funds in the database of Insider Monkey held stakes worth $3.46 billion in UiPath Inc. (NYSE:PATH), compared to 0 in the previous quarter.
In its Q2 2021 investor letter, ClearBridge Investments mentioned UiPath Inc. (NYSE:PATH) and discussed its stance on the firm. Here is what the fund said:
“We participated in the IPO of UiPath, a developer of software for robotic process automation that uses AI, natural language processing, and design to streamline complex processes across a variety of technology environments. The company is an industry leader with a superior solution for leveraging software to optimize workloads. Organizations around the world are beginning to understand the power of automation, with momentum picking up toward fully automating business processes, a $60 billion market today that could grow to $200 billion or more by 2030. UiPath has a unique pricing model, broad partner ecosystem, and thoughtful management team supporting one of the strongest growth profiles in technology. Risks we are watching include a partial cloud transition ahead and increased competition from larger software platforms over time.”
1. Coinbase Global, Inc. (NASDAQ:COIN)
ARK Investment Management’s Stake Value: $1,590,805,000
ARK Investment Management’s 13F Portfolio: 3.82%
Number of Hedge Fund Holders: 49
Coinbase Global, Inc. (NASDAQ:COIN) is the largest cryptocurrency exchange in the US with monthly transacting customers of 7.4 million as of Q3 2021. The crypto stock went public in April and has gained over 32% in the past six months.
Coinbase Global, Inc. (NASDAQ:COIN) is one of the stocks Cathie Wood purchased in Q3 2021 and the crypto stock represents 3.82% of ARK Investment Management’s fund. Cathie Wood increased her stake in the stock by 25% in the period between June and September. ARK Investment Management is the biggest shareholder of the crypto stock with 6.99 million shares worth $1.59 billion.
On November 10, Joseph Vafi of Canaccord Genuity maintained a Buy rating on Coinbase Global, Inc. (NASDAQ:COIN), highlighting the cryptocurrency exchange’s new features such as NFT and direct deposit. Vafi increased his price target for the crypto stock to $342 from $325.
In its Q3 2021 investor letter, Hayden Capital mentioned Coinbase Global, Inc. (NASDAQ:COIN) and discussed its stance on the firm. Here is what the fund said:
“Coinbase (COIN): We established a new position in Coinbase, the dominant US crypto exchange and brokerage, this quarter. Given the misperceptions and early-stage nature of the industry, I thought it would be helpful for our partners’ understanding to share a report outlining our thesis, which we published on October 31st.
At a high level, we believe the crypto economy is in the middle of “crossing the chasm” into mainstream adoption & use cases, which will result in millions of mainstream users needing to transact in crypto in some form.
Coinbase is well-positioned in the Western, regulated markets to capture this influx – considering their dominant market share/mindshare, their focus on the casual user and thus superior user experience compared to alternatives and their position as a “toll-booth” for this industry. Longer-term, we also believe Coinbase has “super-app” ambitions, and will be the primary gateway for both the general population and institutions to interact with the crypto economy…” (Click here to see the full text)
You can also take a peek at the 10 Stocks to Buy According to Robert Smith’s Vista Equity Partners and Cathie Wood is Selling Tesla and 9 Other Stocks.
