In this article, we discuss the 5 biggest losers in the stock portfolio of Cathie Wood. If you want to read our detailed analysis of these stocks, go directly to Cathie Wood Portfolio: 10 Biggest Losers.
5. Skillz Inc. (NYSE:SKLZ)
Number of Hedge Fund Holders: 18
Year-to-Date Decline in Share Price: 51%
Skillz Inc. (NYSE:SKLZ) operates as a technology firm with core interests in the interactive games and entertainment business. Regulatory filings show that ARK Investment Management owned 18.8 million shares in the company at the end of the third quarter of 2021 worth over $184 million, representing 0.44% of the portfolio.
On November 4, investment advisory Canaccord lowered the price target on Skillz Inc. (NYSE:SKLZ) stock to $18 from $23 but kept a Buy rating, noting that investors were still looking for “improvement” in user growth of the firm.
At the end of the third quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $432 million in Skillz Inc. (NYSE:SKLZ), down from 20 in the previous quarter worth $1.1 billion.
4. Proto Labs, Inc. (NYSE:PRLB)
Number of Hedge Fund Holders: 17
Year-to-Date Decline in Share Price: 65%
Proto Labs, Inc. (NYSE:PRLB) makes and sells on-demand production parts. In earnings results for the third quarter, posted in late October, the company missed market estimates on earnings per share and revenue by $0.08 and $2 million respectively.
According to the latest data, ARK Investment Management owned 2.6 million shares in Proto Labs, Inc. (NYSE:PRLB) at the end of September 2021 worth $174 million, representing 0.41% of the portfolio.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Sigma Advisors is a leading shareholder in Proto Labs, Inc. (NYSE:PRLB) with 294,200 shares worth more than $19 million.
In its Q1 2021 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and Proto Labs, Inc. (NYSE:PRLB) was one of them. Here is what the fund said:
“Shares of Protolabs, a provider of 3D printing and other rapid prototyping and mold machining services for manufacturing, extended their strong performance from last year and soared early in January after the company announced its intention to acquire another on-demand digital manufacturing platform. We took advantage of their runup to sell our position.”
3. Berkeley Lights, Inc. (NASDAQ:BLI)
Number of Hedge Fund Holders: 18
Year-to-Date Decline in Share Price: 77%
Berkeley Lights, Inc. (NASDAQ:BLI) is a digital cell biology company. Securities filings show that ARK Investment Management owned 8.5 million shares in the company at the end of the third quarter of 2021 worth $166 million, representing 0.39% of the portfolio.
Morgan Stanley analyst Tejas Savant recently lowered the price target on Berkeley Lights, Inc. (NASDAQ:BLI) stock to $36 from $66 and kept an Equal Weight rating, noting the lowered guidance numbers in the third quarter earnings report of the firm were “no surprise”.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Two Sigma Advisors is a leading shareholder in Berkeley Lights, Inc. (NASDAQ:BLI) with 1.1 million shares worth more than $23 million.
2. Adaptive Biotechnologies Corporation (NASDAQ:ADPT)
Number of Hedge Fund Holders: 25
Year-to-Date Decline in Share Price: 52%
Adaptive Biotechnologies Corporation (NASDAQ:ADPT) develops and markets treatments for various diseases. The stock has slumped since March when Genentech, owned by pharma giant Roche, suspended collaboration with Adaptive Biotech for the development of a cancer drug.
ARK Investment Management owned 4.8 million shares in Adaptive Biotechnologies Corporation (NASDAQ:ADPT) at the end of September 2021 worth $165 million, representing 0.39% of the portfolio.
At the end of the third quarter of 2021, 25 hedge funds in the database of Insider Monkey held stakes worth $1.7 billion in Adaptive Biotechnologies Corporation (NASDAQ:ADPT), down from 27 in the preceding quarter worth $2.2 billion.
1. Editas Medicine, Inc. (NASDAQ:EDIT)
Number of Hedge Fund Holders: 22
Year-to-Date Decline in Share Price: 52%
Editas Medicine, Inc. (NASDAQ:EDIT) is a genome editing company. Insider selling has sent the shares sliding in the past few months. However, this freefall has stemmed somewhat in early November as the firm beat market estimates on earnings for the third quarter.
Latest securities filings reveal that ARK Investment Management owned 6.2 million shares in Editas Medicine, Inc. (NASDAQ:EDIT) at the end of the third quarter of 2021 worth $258 million.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Editas Medicine, Inc. (NASDAQ:EDIT) with 740,508 shares worth more than $30 million.
You can also take a peek at 10 Best Healthcare Dividend Stocks to Buy Now and 10 Dividend Stocks with Over 20 Years of Dividend Increases.
