PACB - Cathie Wood reaffirmed that innovation stocks are not in a bubble: 'Absolutely we stand by that'

Cathie Wood reassured investors that innovation stocks are not in a bubble. Standing by her previous statement, "we are not in a bubble." In a CNBC interview, the asset manager reaffirmed her previous words, stating: "Absolutely. We stand by that." Wood, whose exchange traded funds have been under heavy fire, marked yesterday's one-year anniversary where Wood's flagship ARK Innovation ETF (NYSEARCA:ARKK) topped out at $159.70 to a now sub $70 level or -56.3%. During the long-winded interview, Wood added that she believes ARKK and innovation-related names are very attractive right now, adding, "we do believe that innovation is in bargain-basement territory." When asked if she believed that some of the names like Teledoc Health (NYSE:TDOC), Robinhood Markets (NASDAQ:HOOD), Roblox Corporation (NYSE:RBLX), Pacific Biosciences of California (NASDAQ:PACB) and others which are off their highs by 76.6%, 85.2%, 60.9%, and 78.6% can possibly come back to recapture their highs, Wood emphatically said: "Absolutely and beyond." Moreover, much has been criticized

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Cathie Wood reaffirmed that innovation stocks are not in a bubble: 'Absolutely, we stand by that'