This article presents an overview of Cathie Wood Was Buying These 5 Stocks for 2024. For a detailed overview of such stocks, read our article, Cathie Wood Was Buying These 11 Stocks for 2024.
5. Toast Inc (NYSE:TOST)
Cathie Wood’s Stake: $42,829,195
Cloud-based restaurant management software company Toast Inc (NYSE:TOST) ranks fifth in our list of the top Cathie Wood stock picks in 2024. ARK increased its stake in Toast Inc (NYSE:TOST) by 102% during the fourth quarter of 2023.
Toast Inc (NYSE:TOST) recently posted Q4’2023 results, beating both earnings and revenue estimates. Toast Inc (NYSE:TOST) also revealed a restructuring plan that would eliminate 550 jobs. During the first quarter of 2024, the company expects its Q1 adjusted EBITDA of $15 million to $25 million.
4. Moderna Inc (NASDAQ:MRNA)
Cathie Wood’s Stake: $43,499,760
Cathie Wood’s ARK Invest has a $43.5 million stake in Moderna Inc (NASDAQ:MRNA) as of the end of 2023. ARK increased its hold in Moderna Inc (NASDAQ:MRNA) by 69% during the fourth quarter of last year.
As of the end of the fourth quarter of 2023, 39 hedge funds out of the 933 hedge funds tracked by Insider Monkey had stakes in Moderna Inc (NASDAQ:MRNA).
3. Pinterest Inc (NYSE:PINS)
Cathie Wood’s Stake: $53,507,224
Cathie Wood increased her stake in Pinterest Inc (NYSE:PINS) by 153% in the fourth quarter of 2023, concluding the year with a stake worth about $54 million.
Pinterest Inc (NYSE:PINS) shares recently fell after Pinterest Inc (NYSE:PINS) posted earnings which showed weak revenue in Q4’2023 and a lackluster guidance. However, Piper Sandler reiterated its Overweight rating on the stock and increased its price target to $48. Piper Sandler highlighted Pinterest’s partnership with Google and Q1 guidance in which the company expects 250-500 basis points of sequential acceleration.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q3 2023 investor letter:
“Slightly better were the results of Pinterest, Inc. (NYSE:PINS), an image-based social media company. The second quarter included a slight revenue acceleration and profit margin improvement. Forward guidance calls for further revenue expansion amid signs of recovery in the advertising market. Management’s comments on the Amazon advertising partnership were also encouraging. While Pinterest slid by -1%, that exceeded the index sector average return of -9%.
2. Trade Desk Inc (NASDAQ:TTD)
Cathie Wood’s Stake: $154,689,069
Real-time programmatic marketing automation technologies company Trade Desk Inc (NASDAQ:TTD) saw an increased interest from Cathie Wood during the fourth quarter of 2023 as ARK upped its hold in Trade Desk Inc (NASDAQ:TTD) by a whopping 1163%. Cathie Wood, as of the end of 2023, owns a $155 million stake in Trade Desk Inc (NASDAQ:TTD).
Trade Desk Inc (NASDAQ:TTD) has been a profitable investment for Cathie Wood. The stock recently jumped after Trade Desk Inc (NASDAQ:TTD) posted better-than-expected Q4’2023 results and gave a strong guidance. Here’s what Citi analyst Ygal Arounian said about Trade Desk Inc (NASDAQ:TTD) while increasing his price target for the stock to $110:
“After the 4Q guide indicated growth stepping down to high-teens, we saw investors raise questions on fundamental growth drivers for 2024. While we still see the outperformance in the quarter as being driven by a return to a better macro since November, which has continued into 1Q, more than vindication of any questions around CTV CPM growth or the impact of cookie deprecation, management spent time on why it believes TTD is positioned well to manage a changing CTV landscape, and cookie-deprecation.”
Polen U.S. SMID Company Growth Strategy stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its fourth quarter 2023 investor letter:
“During the quarter, we trimmed our exposure in several existing holdings and eliminated our position in The Trade Desk, Inc. (NASDAQ:TTD). As a reminder, we have been using The Trade Desk, a leading programmatic advertising platform, as a source of funds over the past several months, mainly due to the high market capitalization and significant stock price appreciation, reducing our expected return outlook for the stock.”
1. Recursion Pharmaceuticals Inc. (NASDAQ:RXRX)
Cathie Wood’s Stake: $203,652,265
ARK Invest upped its stake in Utah-based clinical-stage biotechnology company Recursion Pharmaceuticals Inc. (NASDAQ:RXRX) by 201% during the fourth quarter of 2023, ending the period with a $204 million stake in Recursion Pharmaceuticals Inc. (NASDAQ:RXRX). In July 2023 Recursion Pharmaceuticals Inc. (NASDAQ:RXRX) had disclosed a $50 million investment from Nvidia for AI-based drug discovery.
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