Cathie Wood’s Top 3 Stock Buys in March

By Chris Lange Published Apr 2, 7:25AM EDT

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Cathie Wood’s Top 3 Stock Buys in March — © Thinkstock

ARK Invest has been one of the most popular themes of late in the markets, and many investors are looking to exchange-traded fund superstar Cathie Wood for the best picks. It is no secret that ARK Invest ETFs have vastly outperformed the broad markets throughout the pandemic, with each more than doubling since this time last year.

24/7 Wall St. has combed over each of the ARK Invest ETFs for the top purchases in March, and we’ve highlighted three stocks that stand out from the rest. These stocks have seen a staggering amount of accumulation in the past month, and they clearly will play a big role in Wood’s portfolio going forward.

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Palantir

Palantir Technologies Inc. (NYSE: PLTR | PLTR Price Prediction) has been a popular name in the market since it came public this past fall. Founded by famed Silicon Valley investor and entrepreneur Peter Thiel, this company combs through data and provides analytics to other major companies and even government agencies.

Over the course of March, ARK Invest bought approximately 5.11 million shares. The biggest single-day purchase for one of the ETFs was 1.99 million shares. With the stock trading around $23 on Thursday, this would value the shares purchased in March up to roughly $117 million.

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The stock has a post-IPO range of $8.90 to $45.00, and its consensus price target is $25.83. Palantir has a market cap of $42 billion.

DraftKings

DraftKings Inc. (NASDAQ: DKNG) was one of the first companies to come public that serviced online sports betting and gambling. A number of companies are looking to take a piece of this pie, but DraftKings was one of the first, and largest, on the scene.

During March, ARK Invest bought roughly 2.54 million shares of DraftKings, with the largest single-day purchase totaling just under a million shares. The stock closed out the week near $63, valuing the shares purchased in March up to about $159 million.

DraftKings has a 52-week trading range of $11.37 to $74.38 and a consensus analyst target of $72.71. Its market cap is $25 billion.

Teladoc

Even though its shares have pulled back somewhat recently, Teladoc Health Inc. (NYSE: TDOC) is one company that has been winning because of the coronavirus pandemic. Shares reached over $300 apiece in February, practically triple the price of one year ago.

While this may overly simplify its business model, what makes Teladoc stand out from regular health clinics is that people effectively video conference with a physician who can then advise them what to do or where to go.

In March, ARK Invest acquired about 2.38 million shares of Teladoc. With the stock trading around $186 on Thursday, the shares purchased in the past month are valued up to $442 million.

Teladoc has a market cap of $28 billion and a 52-week trading range of $135.52 to $308.00. Analysts on average have a $259.81 price target.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.