Cathie Wood's Ark Funds Buy $7.8 Million of $META After 17% Monthly Surge

On Oct. 6, Cathie Wood's Ark funds bought a total of 10,789 shares of Meta Platforms ($META), according to Ark's daily trading information sent to TheStreet. The shares were worth about $7.8 million based on the closing price of $721.31 on Oct. 7. Meta has gained roughly 17% over the past month but is up 8.6% year to date, underperforming the S&P 500. Meta is not a top-10 holding in the Ark Innovation ETF ($ARKK).
Meta launched Muse, a personal AI agent, in September, and the app has climbed to the top of Apple's App Store ahead of ChatGPT, CNBC noted. Wells Fargo analyst Ken Gawrelski raised his price target on Meta to $1,000 from $796 and kept an Overweight rating. Wells Fargo expects Meta's Q3 earnings call to offer some caution for investors expecting Muse to contribute financially in 2027, and expects Wall Street's 2027 EPS to likely fall due to higher operating expenses.
Wood's other recent buys included $ACHR, $CRWV, $KTOS, $SYM, $JOBY, $AUR, $AVAV, $AMZN, $XYZ and $VCYT. She also sold shares of $HOOD, $SPCX, $TER, $TEM, $TXG, $TWST, $DKNG and $PSNL.
As of Oct. 7, ARKK is up 13.32% this year versus 13.67% for the S&P 500, with a five-year annualized return of -4.59% versus 12.14% for the S&P 500, according to Morningstar.