Cathie Wood is Selling These 5 Stocks in 2023

3. Farfetch Limited (NYSE:FTCH)

Number of Hedge Fund Holders: 39

UK-based luxury fashion ecommerce company Farfetch Limited (NYSE:FTCH) is one of the stocks Cathie Wood is selling in 2023. ARK Investment sold 650,158 shares of Farfetch Limited (NYSE:FTCH) during the March quarter.

But Farfetch Limited (NYSE:FTCH) shares posted a strong rally recently after the company posted impressive Q1 results. Bank of America analyst Geoffroy de Mendez said in a note that the “fundamental thesis that Farfetch Limited (NYSE:FTCH) is best positioned to win the online luxury market keeps gaining ground.” The analyst reiterated a Buy rating on the stock and gave a price target of $13.

Out of the 943 hedge funds tracked by Insider Monkey, 44 hedge funds had stakes in Farfetch Limited (NYSE:FTCH) at the end of 2022. The biggest stakeholder of Farfetch Limited (NYSE:FTCH) was Miller Value Partners of Bill Miller which had a $32.4 million stake in the company.

Polen U.S. SMID Company Growth Strategy made the following comment about Farfetch Limited (NYSE:FTCH) in its Q4 2022 investor letter:

“Farfetch Limited (NYSE:FTCH) is an online marketplace for luxury goods. The stock was down -35% on the back of an investor day where management issued targets that implied decelerating growth. While this is a disappointing development in what has shaped into a disappointing year for the stock, we are maintaining our position with a focus on the long-term opportunity. Luxury fashion is still in a very nascent stage of migrating online. Farfetch—through partnerships and deep relationships it has built over many years— remains very well positioned to benefit from this trend.”