Roku (NASDAQ:ROKU), Zoom Video Comms (NASDAQ:ZM) – Cathie Wood’s Arche…

Roku (NASDAQ:ROKU), Zoom Video Comms (NASDAQ:ZM) – Cathie Wood’s Arche…


On a day when US markets were in a bloodbath on hotter-than-expected August inflation data, Cathie Wood-LED Ark investment management made some significant purchases through various exchange traded funds. wood Bought over 250,000 shares Roku Inc ROKUthrough the flagship ARK Innovation ETF ARKK valued at over $17 million based on Tuesday’s closing price.

Roku is the fund’s third-largest holding at over $620 million and a 6.94% weighting, according to the Ark website. The company manufactures streaming video digital media players and its players and TV-related audio devices are available in the United States and select countries through direct retail sales and service provider licensing agreements. On September 1, the company announced the launch of Roku TV in Germany.

Also read: It’s the worst day of 2022 for the major indices

price action: The company’s shares are down over 19% in a month. Wood’s purchase could be viewed as a buy-on dip, but more specifically, the company has withdrawn its estimate of the full-year revenue growth rate, citing uncertainty and volatility in the macroeconomic environment in its second-quarter earnings statement.

For the third quarter, the company estimates that total net sales will increase approximately 3% to $700 million and total gross income will increase to approximately $325 million. However, Roku has forecast a net loss of $190 million for the third quarter.

zoom video: Wood also bought over 200,000 shares of Zoom Video Communications Inc ZM, valued at over $16 million, via the ARK Innovation ETF. The stock has lost over 30% in a month. Zoom is the fund’s second-largest holding, valued at over $688 million.

Photo Courtesy: Ark Invest


Source story

More to explorer