Pandemic tech darlings turned to duds in 2021 – Mint

Home / Technology / News /  Pandemic tech darlings turned to duds in 2021 Premium Cathie Wood, founder and CEO of ARK Investment Management LLC. (REUTERS) 4 min read . Updated: 27 Dec 2021, 07:27 PM IST LAURA FORMAN, The Wall Street Journal Those former tech sweethearts that experienced a reversal in fortune this year could remain in the dumps in 2022 For a sector historically known for its fast-forward pace of innovation, consumer technology sure did a lot of backpedaling this year. The Nasdaq CTA Internet Index is in the red this year compared with a return of more than 27% for the S&P 500. Cathie Wood’s famed ARK Innovation ETF, more than 30% of which was invested in information technology as of Sept. 30, has seen its net asset value decline 21% this year, underperforming the S&P by nearly 49 percentage points. She isn’t alone. If you invested in enough tech stocks this year, you probably got burned by a few of them. Select lowlights include fitness-equipment company Peloton Interactive, down nearly 75% this year; social-commerce company Poshmark, down almost 82%; and education-tech company Chegg, down 66%. At certain points, the number of names blowing up simultaneously was…
Read More