Cathie Wood, renowned for her successful ARK Invest ETFs, experienced a resurgence in 2023 after facing setbacks in 2021 and 2022. Despite challenges, Wood’s innovative investment approach continues to draw attention. Here are five Cathie Wood stocks to buy and monitor in 2023: Coinbase Global (COIN), Roku (ROKU), Block (SQ), Tesla (TSLA), and Zoom Video Communications (ZM).
Is ARKK A Buy Right Now?
ARKK, ARK Invest’s flagship fund, focuses on companies driving “disruptive innovation” that can potentially revolutionize industries. Although ARKK faced underperformance in 2021 and 2022, it has rebounded in 2023, showing a 54.5% increase through December 5. As ARKK approaches a potential buy point at 51.33, investors are advised to await a breakout for the right buying opportunity.
Other ARK ETFs: Diversifying Innovation
Apart from ARKK, ARK Invest offers a range of ETFs targeting specific innovation themes such as Autonomous Technology & Robotics (ARKQ), Next Generation Internet (ARKW), Genomic Revolution (ARKG), Fintech Innovation (ARKF), and the newly-introduced Space Exploration and Innovation (ARKX).
How To Invest Like Cathie Wood: Focus On Game Changers
Cathie Wood’s investment philosophy centers on identifying game-changing technologies often overlooked by traditional strategies. She emphasizes that disruptive innovation, though not always accurately priced initially, presents substantial opportunities. Wood’s success in 2020 was attributed to investments in cutting-edge tech fields like DNA sequencing, robotics, artificial intelligence, energy storage, and blockchain technology.
Stock Highlights: Cathie Wood’s Picks
- Coinbase Stock (COIN): Despite a recent 1.5% drop, Coinbase, a cryptocurrency exchange, stands as one of Wood’s top picks, offering exposure to the cryptocurrency market.
- Zoom Video Stock (ZM): As a leader in enterprise video communications, Zoom Video reported strong fiscal third-quarter results, with shares forming a cup base with a 75.91 buy point.
- Roku Stock (ROKU): Roku, a streaming platform, added more new users than expected, driving a top-line beat. Shares are currently around 3% off their 52-week high.
- Block Stock (SQ): A digital payments and cryptocurrency leader, Block is about 23% off its 52-week high but has a robust IBD Composite Rating of 85. Block stock is forming a cup base with an 81.47 buy point.
- Tesla Stock (TSLA): Tesla, one of Wood’s biggest stocks, is rebounding from its key 50-day line. With a significant double-bottom pattern, Tesla has a buy point at 278.98.
In conclusion, Cathie Wood’s investment strategies and stock picks for 2023 continue to capture market attention, with a focus on disruptive innovation and emerging technologies.
