Cathie Wood’s ARK Invest was a poster child for success in 2020. Between the March 2020 “COVID Crash” lows and February 2021, its top exchange-traded fund, ARK Innovation ETF (NYSEARCA: ARKK) gained more than 313%. This made ARKK one of the top-performing ETFs, and thrust ARK honcho Cathie Wood into the spotlight as a top stock picker.
But, since topping out above $158, ARKK has fallen roughly 80%; it’s sitting just below its March 2020 lows. There are not unreasonable fears that Woods’ darling tech stocks can still go lower, given the current macroeconomic environment.
I’ve got my eye on ARK Invest for short-side opportunities ahead of earnings right now.
So, let’s dig into the data set – it reveals some pretty shocking things about the state of the tech sector in general…
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