Ark Invest Bet $600 Million on This Tech Stock. Down 88%, Is It Time to Buy?
Professional money managers handle billions of dollars in client funds, putting immense pressure on them to perform. Cathie Wood's innovation-focused firm ARK Invest is no exception.
The company's flagship fund, the ARK Innovation ETF, holds over $8 billion in assets. Cathie Wood has placed a big bet on Zoom Video Communications (NASDAQ: ZM). It's the fund's fifth-largest holding at 7.1%, a position worth nearly $600 million.
ARK believes the stock can hit $1,500 by 2026. However, the stock trades at about $71 as of this writing, down 88% from its all-time high. So, does Cathie Wood's ultra bullish outlook make the stock a buy?
Source Fool.com
