Cathie Wood’s Ark Investment Management noted that privately held tech stocks are now falling just like publicly held ones.
Star investor Cathie Wood, chief executive of Ark Investment Management, on Monday traded some familiar stocks and some less familiar ones.
Among the more prominent stocks: Ark Innovation ETF (ARKK) – Get ARK Innovation ETF Report bought 62,877 shares of Coinbase (COIN) , the largest U.S. cryptocurrency exchange, with the shares valued at $12.7 million. (All valuations are as of Monday’s close.)
Ark Next Generation Internet ETF (ARKW) – Get ARK Next Generation Internet ETF Report sold 44,470 shares of data analytics company Splunk (SPLK) – Get Splunk Inc. Report, valued at $6.4 million.
ARK Space Exploration & Innovation ETF (ARKX) – Get ARK Space Exploration & Innovation ETF Report bought 9,118 shares of Garmin (GRMN) – Get Garmin Ltd. Report, a navigational and wearables technology company, valued at $1.1 million.
Ark Genomic Revolution ETF (ARKG) – Get ARK Genomic Revolution ETF Report unloaded 4,771 shares of biotechnology company Vertex Pharmaceuticals (VRTX) – Get Vertex Pharmaceuticals Incorporated Report, valued at $1.2 million.
Turning to the less familiar stocks, Ark Next Generation Internet purchased 43,638 shares of Israeli workflow manager Monday.com (MNDY) – Get monday.com Ltd. Report, valued at $6.7 million.
And ARK Autonomous Technology & Robotics ETF (ARKQ) – Get ARK Autonomous Technology & Robotics ETF Report bought 534,829 shares of Matterport (MTTR) , a 3D-imaging technology company, valued at $4.3 million as of Monday’s close.
Earlier this year, when Wood’s publicly traded technology stocks were falling sharply, she noted the disparity between valuations for privately traded tech stocks and publicly traded ones. That created attractive opportunities to buy the publicly traded stocks, Wood said.
Now private valuations are sliding, too, says Ark analyst Maximilian Friedrich. “Data from private secondary markets … suggest that startup valuations are responding to the drawdown in public markets,” he wrote in a commentary.
Secondary marketplace Forge reported that prices for companies that traded on its platform fell about 10% both in the fourth quarter and in February.
In addition, indications of interest in selling privately held stocks totaled 60%, the highest level since first-quarter of 2020, when the Covid crisis broke out. It’s also a stark reversal from the 60% for buyer indications of interest in 2021, Friedrich said.
