Ace hedge fund manager Cathie Wood’s ARK Invest ETFs (exchange-traded funds) snapped up GitLab (GTLB) and Amazon (AMZN) stocks. Specifically, the ARKW Next Generation Internet ETF (ARKW) and the ARK Autonomous Technology & Robotics ETF (ARKQ) disclosed the notable bets made on these stocks on September 24.
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ARK ETFs also added stocks of some other interesting names, including PayPal (PYPL), Pinterest (PINS), Pacific Biosciences (PACB), and Blade Air Mobility (BLDE). Meanwhile, Wood sold shares of Roku (ROKU), Butterfly Network (BFLY), and Veracyte (VCYT). Below is a glimpse of how these stocks compare on TipRanks’ Stock Comparison tool.
As can be seen from the above chart, both GitLab and Amazon have won analysts’ Strong Buy consensus rating. Meanwhile, Wall Street is cautiously optimistic about the other above-mentioned stocks.
Is GitLab Stock Worth Buying?
On TipRanks, GTLB has a Strong Buy consensus rating based on 18 Buys versus four Hold recommendations. Also, the average Gitlab price target of $63.76 implies 20.1% upside potential from current levels. Year-to-date, GTLB shares have declined 15.7%.
ARK’s ARKW Next Generation Internet ETF bought 52,990 shares of GTLB, worth $2.82 million. GitLab stock represents only 0.97% of ARKW’s portfolio, taking the 30th spot among its holdings. As of date, ARKW holds 260,886 GTLB shares with a market value of $13.85 million.
GTLB stock currently trades at a 32.4% discount to its 52-week high, making it an attractive bet. GitLab is an AI-enabled DevSecOps platform that empowers companies to enhance developer productivity and operational efficiency, while reducing security and compliance threats.
Is AMZN a Buy Right Now?
Wall Street is highly optimistic about Amazon stock’s trajectory. On TipRanks, AMZN stock commands a Strong Buy consensus rating based on 43 Buys and one Hold rating. The average Amazon.com price target of $223.25 implies 15.1% upside potential from current levels. Year-to-date, AMZN shares have gained 27.7%.
Wood’s ARK Autonomous Technology & Robotics ETF added 1,996 AMZN shares valued at $386,984. Amazon also holds the #30 spot in ARKQ ETF, with a 1.07% representation. As of date, the ETF holds Amazon shares having a market value of $8.2 million.
The trillion-dollar e-commerce giant trades at a 3.6% discount to its 52-week high. Amazon’s fast-expanding logistics network backed by AI and robotics, the strength of Amazon Web Services in the AI spectrum, and the ballooning retail game make Amazon one of the most loved stocks among analysts and hedge funds.
