Cathy Wood Bailed Out of This Stock. And I'm Jumping In
The carnage in high-flying growth stocks is well-documented. Cathie Wood's ARK Innovation ETF is down 33% since the beginning of 2020, compared to a 25% gain for the S&P 500. It's fallen nearly 80% from its peak. But some of the stocks caught up in the ARK frenzy may finally have returned to attractive prices for daring investors.
Proto Labs (NYSE: PRLB), for one, has come full circle. It is down more than 90% from early 2021, when Ms. Wood's purchases fueled a wild run-up. Although she completely exited her position more than a year ago, the sell-off has continued unabated. Expectations now seem so low that it might be worth the risk.
Proto Labs is a small fry trying to bring innovation to the enormous manufacturing industry. It offers services like injection molding, machining, and 3D printing through an e-commerce platform. That allows engineers and developers to test new ideas rapidly and shorten the time it takes to bring designs to life. It has also developed a network of manufacturing partners to help customers quickly go from prototype to production.
Source Fool.com
