Cathie Wood is Selling These 5 Stocks in 2023

4. monday.com Ltd. (NASDAQ:MNDY)

Number of Hedge Fund Holders: 37

ARK Investment Management cut its stake in project management software company monday.com Ltd. (NASDAQ:MNDY) by 93% in the first quarter of 2023. However, the fund still owns a $2.7 million stake in monday.com Ltd. (NASDAQ:MNDY) as of the end of March.

monday.com Ltd. (NASDAQ:MNDY) recently jumped after the company posted upbeat Q1 results and boosted its 2023 outlook. Monday.com’s adjusted EPS in the quarter came in at $0.15, surpassing estimates by $0.44. Revenue in the quarter jumped about 50% year over year to $162.3 million, surpassing estimates by $7.01 million.

According to Insider Monkey’s database of 943 hedge funds, 25 hedge funds have stakes in monday.com Ltd. (NASDAQ:MNDY) as of the end of the fourth quarter of 2022, down from 31 funds in the previous quarter. This shows monday.com Ltd. (NASDAQ:MNDY) saw a decline in hedge fund sentiment in the last quarter of 2022.