Ark Invest’s Cathie Wood bought the dip in her growth darling Zoom Video after shares of the online conferencing company fell back to pre-pandemic levels following disappointing quarterly results. Wood’s flagship Ark Innovation ETF added more than 700,000 shares of Zoom on Tuesday, and she also scooped up roughly 126,000 shares for ARK Next Generation Internet ETF, according to Ark’s daily trading data. These purchases were worth more than $68 million based on Zoom’s Tuesday close of $81.32. Shares of Zoom closed down 16.5% on Tuesday after the company released second-quarter results that missed analysts’ consensus revenue estimate. The video-calling software maker blamed the revenue miss in part on the strong U.S. dollar. The stock fell to the lowest level since early 2020 — before Zoom’s explosive rally during the pandemic. Zoom is ARKK’s second largest holding, behind only Tesla , and accounts for nearly 8% of the fund. Ark Invest expects Zoom’s share price to approach $1,500 in 2026, compounding at a 76% annual growth rate, according to a research note from June . Ark believes the hybrid work model is here to stay in a post-pandemic world, which will keep demand high for Zoom’s services.
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