Ark’s Cathie Wood Buys Zoom After Earnings Spurred Selloff
(Bloomberg) -- Cathie Wood was apparently unfazed by Zoom Video Communications Inc.’s post-earning decline, as her ARK Investment Management bought almost 200,000 shares of the video-conferencing company in at least two exchange-traded funds.
The ARK Innovation ETF purchased 157,233 Zoom shares and the ARK Next Generation Internet ETF bought 36,847 shares, according to a trading update.
Shares of Zoom rose 2.8% on Wednesday, after a drop of about 17% the day before, its steepest decline since Nov. 9. The selloff came after Zoom reported second-quarter results that only slightly beat expectations and gave an outlook that underlined concerns about slowing post-pandemic growth.
Zoom is coming off its lowest close since May and is down more than 25% from an August peak.
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