Cathie Wood's $3 Million Bet On An Ultra-Cheap Stock Revealed
Portfolio Pulse from Bibhu Pattnaik
Ark Invest, led by Cathie Wood, acquired over 1 million shares of online education platform 2U Inc (NASDAQ:TWOU). The acquisition was divided among three of Ark's ETFs, with the majority secured through Ark Innovation. However, 2U's stock has been on a downward trend, reaching a low of $13.15 over 52 weeks. The stock plunged by 24% following an underwhelming earnings report, with an 8% decline in revenue compared to the previous year.
August 12, 2023 | 5:28 pm
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2U Inc's stock has been on a downward trend, recently plunging by 24% following an underwhelming earnings report. Despite this, Ark Invest acquired over 1 million shares of the company.
The acquisition of 2U Inc shares by Ark Invest could potentially signal confidence in the company's future performance. However, the recent underwhelming earnings report and consistent downward trend of the stock suggest a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100