Forget Cathie Wood’s $500K Bitcoin call — the new price target is $560K

Forget Cathie Wood’s $500K Bitcoin call — the new price target is $560K

Reuters

Wood’s ARK fund fails to join broad market rally as lockdown stocks slip

The broad market relief rally on Monday left many so-called stay-at-home stocks behind, dealing another blow to Cathie Wood’s ARK Innovation fund. The $18.6 billion ARK Innovation fund, which outperformed all other U.S.-based equity funds last year due to its outsized holdings of stocks that rallied during the economic lockdowns, dropped 0.5% in morning trading Monday, well behind the 1% gain in the S&P 500. The benchmark index dropped nearly 2.3% Friday on news a new coronavirus variant, now known as Omicron, had been identified in southern Africa, spurring new travel restrictions worldwide.

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