Cathie Wood Sinks $800k Into One Cheap Stock

Published 7:29 am Tuesday, June 27, 2023

By Ian Krietzberg

Cathie Wood Sinks $800k Into One Cheap Stock

Cathie Wood’s Ark Invest, that popular platform of innovation-first investing, picked up more than a quarter million shares of Nextdoor Holdings June 26, boosting Ark’s investment in the company.

The new purchase came at the same time Ark sold off a bare handful of shares (8,254) of its favorite company: Tesla. 

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The purchase — in the total amount of around $800,000 — was made solely by Ark’s Next Generation Internet ETF. The fund picked up 274,409 shares of  (KIND) – Get Free Report, valuing Ark’s total holding in the company at just shy of $20 million. After this latest purchase, The Next Generation Internet ETF now owns some 6,587,921 shares of the hyperlocal neighborhood network; the company is now the fund’s 19th largest investment, weighted at 1.49%. 

Nextdoor’s stock closed at $3.01 per share June 26, up from its December low of $1.82. 

Nextdoor reported 42.4 million weekly active users, a 16% year-over-year increase, for its first quarter of 2023, though its revenue for the quarter ($49.8 million) was down 2% from the previous year. The company reported a net loss per share of $.09 for the quarter but said it expects to “return to revenue growth and adjusted EBITDA margin improvement” for the full year of 2023. 

More on Ark Invest:

Nextdoor, which has a market cap of $1.11 billion, also joined the Russell 3000 index this week. 

“We are pleased to be added to the Russell indexes,” Nextdoor CEO Sarah Friar said in a statement. “We believe Nextdoor’s inclusion will increase our awareness and visibility, providing us with the opportunity to reach a wider set of investors and contributing to our growth and purpose.”

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