Cathie Wood grabs shares of Zoom as the firm beats Q1 estimates
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Cathie Wood grabbed just under 100K shares of Zoom Video Communications (NASDAQ:ZM) on Monday after the company beat Q1 estimates and raised their full year guidance.
Wood and her team added 99,388 shares of ZM to ARK Investâs flagship ARK Innovation ETF (NYSEARCA:ARKK). ARKK now has a cumulative market value of $669M worth of ZM as the virtual communications technology firm sits as the fund's third largest holding, weighted at 7.97%.
After ZM reported its Q1 results the stock popped as much as 17% before settling down a bit. ZM currently trades +5.6% in premarket trading on a day that looks to reflect a risk-off tone with the Nasdaq (COMP.IND) lower by 1.7% as of 7:00 a.m. ET.
While ZM has seen an early morning bid, the stock is still down 51.5% in 2022 and off by 85.5% from its record trading high of $588.84 a share back in Oct. of 2020. Moreover, ZM has also erased virtually all of its COVID gains as the stock trades near $89 a share, a range it was at back in mid-Feb. of 2020.
Additionally, as ZM has come down this year it has, in turn, hindered ARKKâs performance. Year-to-date ARKK is -56.5%.
In related ARK Invest news, Cathie Wood said that artificial intelligence could lead to 50% GDP growth within a decade.