Cathie Wood’s Major Monday Moves: Buys Nvidia, DoorDash & Dumps Circle Stock

Ace hedge fund manager Cathie Wood made major trading moves on Monday, June 16, within her ARK Invest ETFs. Wood bought shares of chipmaker Nvidia (NVDA), food delivery company DoorDash (DASH), and nuclear power generator BWX Technologies (BWXT).

On the other hand, she sold a major chunk of recently-listed shares in Circle Internet Group (CRCL), of which she had amassed a substantial quantity during and after its IPO (Initial Public Listing).

ARK Is Buying NVDA Again, Should You?

The Ark Innovation ETF (ARKK) acquired 128,163 shares of Nvidia yesterday, worth about $18.54 million. The purchase reflects renewed interest in Nvidia, following CEO Jensen Huang’s positive comments about quantum computing and the company’s decision to exclude China from its sales and profit forecasts going forward.

Despite the short-term impact from the U.S.’ tightened chip export rules, analysts continue to remain highly optimistic about Nvidia’s long-term stock trajectory. On TipRanks, NVDA stock has a Strong Buy consensus rating based on 31 Buys and three Hold ratings. The average Nvidia price target of $174.38 implies 20.5% upside potential from current levels.

Is DASH a Good Stock to Buy?

Wood also increased her stake in DoorDash via three ETFs, reflecting bullish sentiment surrounding its pending acquisition of Deliveroo for approximately £2.9 billion. The Ark Next Generation Internet ETF (ARKW) bought 65,147 DASH shares, while the Ark Autonomous Technology & Robotics ETF (ARKQ) added another 36,002 shares, and the Ark Fintech Innovation ETF (ARKF) acquired an additional 38,087 shares of DoorDash.

DASH stock has a Moderate Buy consensus rating on TipRanks, based on 16 Buys and seven Hold ratings. The average DoorDash price target of $218.91 implies 1.3% downside potential from current levels.

Is BWXT a Good Stock to Buy Now?

Wood’s interest in BWXT stock may have been driven by big tech companies’ growing investments in nuclear power projects. Tech companies are partnering with nuclear and geothermal power generation firms to fuel their power-hungry AI ambitions. Notably, Wood’s largest buy trade on Monday was of 215,830 shares of BWX Technologies through the ARKK ETF. The single purchase was valued at roughly $30 million.

Based on five Buys, one Hold, and one Sell rating, BWXT stock has a Moderate Buy consensus rating on TipRanks. The average BWX Technologies price target of $137.93 implies 1.3% downside potential from current levels.

Wood Dumps Circle Internet Stock

In an unusual move, Wood dumped a large portion of Circle Internet stock yesterday through three ETFs. The ARKK ETF sold 196,367 shares, the ARKW ETF sold 92,310 shares, and the ARKF ETF divested 53,981 shares of CRCL. Together, these sales amounted to approximately $45 million. CRCL stock ended the day up 13.1% on June 16 and has gained 40.3% since its initial listing.