This article first appeared on GuruFocus.
Sep 4 – Cathie Wood’s Ark Invest made fresh moves in the market this week, leaning into one high-profile name while trimming positions in others.
The firm picked up more than 100,000 shares of Figma (NYSE:FIG) after the stock plunged nearly 20% following its first earnings release as a public company. The buy came through the ARK Next Generation Internet ETF ( ARKW), which added 108,238 shares.
Figma closed Thursday at $54.56, well below the $120-plus level it briefly touched after its July IPO. The company’s Q2 results and guidance came in weaker than Wall Street expected, sending the shares sharply lower.
Figma, a cloud-based design software platform that competes with Adobe (NASDAQ:ADBE) and Canva, originally priced its IPO at $33. The early surge had cooled to the $60 range before this week’s selloff.
Ark also reshuffled elsewhere. The firm sold 428,277 shares of Genius Sports (NYSE:GENI) and trimmed 26,465 shares of Roku (NASDAQ:ROKU) from its ARK Innovation ETF (ARKK). At the same time, it added 131,700 shares of Intellia Therapeutics (NASDAQ:NTLA).
The trades highlight Wood’s ongoing strategy of buying perceived long-term growth names during pullbacks while adjusting exposure to others.