CNBC’s Jim Cramer said Friday that Ark Invest’s stock-moving influence appears to be waning — at least for now.
Ark Invest’s family of exchange-traded funds were some of the best performers on Wall Street last year, but have not fared well in 2021 as investors rotated away from high-growth stocks and into economic recovery plays.
The “Mad Money” host said as the funds run by star money manager Cathie Wood’s firm struggled, the amount of outflows started to pick up. That has implications for the stocks that are components of the ETFs, Cramer said.
“It seems pretty clear that the Ark Invest phenomenon is no longer in play,” Cramer said. “We’re not seeing major outflows here, but the era…