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Home Breaking News

Cathie Wood’s Flagship ETF Buys More Zillow Shares Amid Steep Drop

Money Profit News by Money Profit News
November 4, 2021
in Breaking News
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Cathie Wood, a star stock picker, has gained a big following on social media with her meme-worthy investments and presence on Twitter.

Photo:

brendan mcdermid/Reuters

By

Joseph Pisani

Biography

@josephpisani

joseph.pisani@wsj.com

Nov. 3, 2021 11:57 am ET

Cathie Wood’s

flagship exchange-traded fund bought roughly $25 million worth of shares in

Zillow Group Inc.

Tuesday, the day the real-estate company’s stock plunged after it said it would exit the home-flipping business.

Ms. Wood’s

ARK Innovation ETF


ARKK 1.26%

bought 288,813 shares in Zillow on Tuesday, according to the fund’s trading website. The fund had previously also bought Zillow shares in late September.

Zillow’s stock fell 10% Tuesday after the company said it would exit the home-flipping business because the algorithmic model to buy and sell homes rapidly didn’t work as planned.

The stock fell another 19% on Wednesday in midday trading and has now lost roughly half its value for the year.

Ms. Wood’s firm, ARK Investment Management LLC, didn’t respond to a request for comment Wednesday.

Ms. Wood, a star stock picker, has gained a big following on social media with her meme-worthy investments and presence on Twitter. Her daily trades are closely followed by individual investors.

She has made brash bets on stocks such as

Tesla Inc.

and cryptocurrencies like bitcoin, leading to one of the best performances by a fund manager last year. Several of her ETFs more than doubled in 2020, profiting off the focus on technology and growth during the Covid-19 pandemic.

The U.S. mortgage market involves some key players that play important roles in the process. Here’s what investors should understand and what risks they take when investing in the industry. WSJ’s Telis Demos explains. Photo: Getty Images/Martin Barraud

ZILLOW’s MOVES

Heard on the Street: Zillow Went Too Big—Now It Has to Downsize Zillow Quits Home-Flipping Business, Cites Inability to Forecast Prices (Nov. 2) Zillow Says It Can’t Buy Any More Homes This Year (Oct. 18) Heard on the Street: Zillow Gets Outplayed at Its Own Game (Oct. 18)

Write to Joseph Pisani at joseph.pisani@wsj.com

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the November 4, 2021, print edition as ‘Wood ETF Places Bet On Zillow After Drop.’

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