Closely followed innovation investor Cathie Wood kicked off 2022 in her usual style: buying the dip in her favorite stocks. The founder, CEO and chief investment officer of Ark Invest purchased 1,185,460 shares of DraftKings through Ark Innovation on Tuesday, a position worth roughly $31.6 million, based on the sports betting stock's closing price of $26.63. DraftKings fell more than 4% on Tuesday and was down another 1% or so early Wednesday. Wood also purchased a $47.6 million position in Block , formerly Square, after the payments company fell 4.7% in regular trading Tuesday. ARK Innovation scooped up 332,950 shares of video game company Roblox as it fell 3.7% on Tuesday. The position is worth about $31.6 million based on Roblox's closing price of $95.15. Wood also purchased shares of Stratasys , 2U , Invitae and Berkley Lights in her flagship fund on both Monday and Tuesday of this week. Beam Therapeutics and Teladoc Health were also buys in Ark Innovation on Monday. The positions were worth $6.4 million and $3.4 million, respectively. Wood's purchases follow a rough year for Ark Innovation, which fell 24% in 2021. The fund was pressured by major losses in names like Teladoc Health , Zoom Video and Exact Sciences . The depreciation in Wood's stocks from mid-February of 2021 has not changed Ark's forecast, however. Wood said she is just getting her highest-conviction stocks at lower prices. This should result in a quadrupling over the next five years, she has said. Wood told investors at the end of 2021: "The truth will win out." Shares of Ark Innovation are down about 2% this year.
Catherine Wood, chief executive officer of Ark Investment Management.
Kyle Grillot | Bloomberg | Getty Images
Closely followed innovation investor Cathie Wood kicked off 2022 in her usual style: buying the dip in her favorite stocks.