Zoom Up on Cathie Wood Bet After Slide By Investing.com

By Christiana Sciaudone

Investing.com — Zoom Video Communications Inc (NASDAQ:ZM) thanks you, Cathie Wood. 

The star investor bought about $31 million worth of shares, more than 95,000, on Thursday, through the ARK Innovation ETF (NYSE:ARKK).

The firm also holds 491,264 shares, worth about $161 million, in Zoom via the ARK Next Generation Internet ETF (NYSE:ARKW) as of Thursday, 24/7 Wall St. reported. 

Shares of Zoom rose over 260% last year to hit a record, but have since fallen about 40% as the pandemic darling has lost lustre amid the economic reopening in the U.S. and our return to the office and school.

Wood seems to be taking advantage of the dip, and betting that Zoom won’t be made irrelevant by our desperate need to socialize in person again.