Cathie Wood is Buying These 5 Stocks on the Dip

In this article, we discuss the 5 stocks that Cathie Wood is buying on the dip. If you want to read about some more stocks in the Wood portfolio, go directly to Cathie Wood is Buying These 10 Stocks on the Dip.

5. Roblox Corporation (NYSE:RBLX)

Number of Hedge Fund Holders: 38    

Percentage Increase in Stake During Q2 2022: 22% 

Loss in Share Price Year-to-Date as of September 21: 63% 

Roblox Corporation (NYSE:RBLX) develops and operates an online entertainment platform. Regulatory filings reveal that ARK owned over 7.4 million shares of Roblox Corporation (NYSE:RBLX) at the end of June 2022 worth $221 million, representing 1.31% of the total portfolio.

On September 16, Needham analyst Bernie McTernan maintained a Buy rating on Roblox Corporation (NYSE:RBLX) stock and lowered the price target to $53 from $55, noting that advertising presented a substantial revenue opportunity for the firm. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Roblox Corporation (NYSE:RBLX), with 11.6 million shares worth more than $380 million.

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 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”.