Cathie Wood jumps back into Nvidia, scooping up nearly 250K shares
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Cathie Wood, CEO and CIO of ARK Invest has jumped back into Nvidia (NASDAQ:NVDA), as the popular fund manager purchased nearly 250K shares on Thursday across three ETFs. Previously, Wood and her team were once upon a time holders of NVDA before liquidating all positions of the chip giant back on Nov. 5, 2021.
Since Wood departed NVDA, the stock plunged roughly 40% after trading around the $297 level to Thursdayâs close of $178.51. ARK Invest grabbed shares of NVDA across three different exchange traded funds with the bulk of the shares going towards her flagship fund.
ARK Innovation ETF (NYSEARCA:ARKK) purchased 191,277 shares of NVDA, while ARK Next Generation Internet ETF (NYSEARCA:ARKW) picked up 33,536 shares, and ARK Fintech Innovation ETF (NYSEARCA:ARKF) took in 20,473 shares. In total, Thursdayâs purchase of NVDA has an approximated market value worth 43.7M to ARK Invest.
Woodâs purchase of NVDA signifies her stance that she believes this may be a good point to layer in positions for a longer-term hold. Other industry experts like Citi analyst Atif Malik, lowered his price target on Nvidia to $315 a share from $350 and Morgan Stanley analyst Joseph Moore lowered his target to $182 a share from $217. 
Earlier in the week NVDA beat Q1 Non-GAAP EPS of $1.36 by $0.07 and surpassed revenue estimates by $190M, but concerns were raised about weaker guidance.
Year-to-date price action: ARKK -56.1%, ARKW -54.4%, ARKF -55.8%, and NVDA -40.7%.
Wood who grabbed shares of Nvidia, also purchased shares of Zoom Video Communications earlier this week.