As of Thursday, the ARK Innovation ETF ARKK held 31 stocks. But there's only one name in the entire basket that appeals to Jay Woods, chief market strategist at Drive Wealth and NYSE executive floor director.
What To Know: Woods highlighted some of his best ideas for 2023 on Thursday during Benzinga's "Stock Market Movers."
When he got to the names in Ark founder and CEO Cathie Wood's flagship fund, there was only one stock that stood out: Exact Sciences Corp EXAS.
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"It's the only one above its 20-, its 50- and its 200-day moving average. It's the only one that's flagging after a nice two legs up," Woods said.
Exact Sciences is Ark's second-largest holding after Zoom Video Communications Inc ZM, and it's just slightly bigger than Ark's Tesla Inc TSLA position.
From a technical perspective, Exact Sciences seems positioned to continue moving to the upside, Woods said: "This may be the first of the 30 to turn around."
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Woods noted that Ark's best-performing stock of 2022 was down more than 20%. Most of the holdings in Ark's flagship fund are still trending lower and "we don't want to pick the bottom," Woods said. "No one got rich picking the bottom. They got lucky if they did."
EXAS Price Action: Exact Sciences has a 52-week high of $84.46 and a 52-week low of $29.27.
The stock closed Thursday down 1.27% at $48.31, according to Benzinga Pro.
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Photo: Billie Grace Ward from Flickr.
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