Cathie Wood Buys 3 Stocks During Bargain Hunting (Part-2)

Palantir made a splash in the business sector after first being perceived as a government contractor. The company's commercial revenue in the United States increased by 70% during the quarter and now makes up over 20% of its total revenue. 

The direction was likewise optimistic. Midway through its revised forecast for 2024 predicts a 19% increase in sales, up from 17% growth for the entire year of 2023.

Tesla Shareholders in Tesla have had a rough start to 2024. After falling 38% from its summer 2018 peak, the stock is now trading 26% lower for the year. 

Not helping matters are last year's price cutbacks on electric vehicles and the poor financial report that was released two weeks ago. After Daiwa analyst Jairam Nathan downgraded Tesla from outperform to neutral and slashed his price objective from $245 to $195, the stock started lower on Tuesday.

Recent corporate governance problems surrounding Tesla CEO Elon Musk, in his opinion, might hinder the company's capacity to innovate and make long-term investments. On Wednesday morning, Bloomberg reported that sources claim managers were asked to select which jobs at Tesla were vital, which has led Tesla employees to fear about layoffs. Among all of Wood's Ark Invest holdings, the electric vehicle pioneer is the second-largest.

Logicia Pharmaceuticals Wood has no qualms about taking huge bets on little stocks. With a cash-rich and debt-light balance sheet, Intellia Therapeutics' enterprise value drops to $1.5 billion from a modest $2.4 billion market cap. More than 11% of the outstanding shares are presently owned by Ark Invest.

Intellia is a gene-editing stock, and it's fortunate that the firm has plenty of cash on hand since it's currently losing money. For a few treatments that show promise, it is still running early clinical trials.

Just last month, Stifel cut their price objective for the shares from $93 to $80. The company is worried that Intellia may cut down on some long-term initiatives as a result of its efforts to simplify operations, which are cost-cutting measures that should keep its existing liquidity flowing through mid-2026. The silver side is that in order to reach that $80 target, the stock would have to more than quadruple from its current level, given that it is down 87% from its peak three years ago.