Ace hedge fund manager Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made a few interesting portfolio adjustments on Thursday, September 4, according to the funds’ daily disclosures. The largest trade of the day was the acquisition of 108,238 shares of Figma (FIG) for about $7.37 million. Wood appears to have capitalized on the dip in Figma, whose shares plunged nearly 20% on Wednesday following weak Q2 results.
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Similarly, Wood continued to accumulate shares of gene-editing company Intellia Therapeutics (NTLA), buying 131,700 shares valued at $1.5 million, reflecting her growing conviction in the biotech space.
Wood Trims ROKU Stake Further
On the selling side, the ARK Innovation ETF (ARKK) sold an additional 26,465 shares of Roku (ROKU), totaling $2.60 million, in-line with Wood’s recent selling spree of the TV streaming giant. Despite these consistent sales, ROKU remains the second-largest holding across ARK’s combined portfolios, with a 5.18% weighting.
Moreover, Wood offloaded a major chunk of shares in the sports data company Genius Sports (GENI), selling 428,277 shares for roughly $5.59 million.
Wood Accumulates Figma Stock
Wood is accumulating shares of cloud-based design developer Figma, taking advantage of recent dips in its stock price. On September 4, the ARK Next Generation Internet ETF (ARKW) purchased $7.37 million worth of Figma shares.
Earlier, Wood had acquired a massive 60,000 shares of Figma worth about $69.30 million during its IPO on July 31. The company had a blockbuster market debut, with its shares rallying 250% on the first day. However, as of today, the stock has declined 55.3% from its initial listing price.
Figma missed both sales and earnings expectations for the second quarter of fiscal 2025, sending its shares lower. Investor concerns over muted Q3 guidance added pressure. Nonetheless, Wood remains confident in the company’s long-term potential as a leading UI (User Interface) and UX (User Experience) design platform. She believes in the future of disruptive technologies and maintains a high risk-reward appetite.
On TipRanks, FIG stock has a Moderate Hold consensus rating based on two Buys and seven Hold ratings. The average Figma price target of $67.57 implies 23.9% upside potential from current levels.
