CNBC’s Jim Cramer said Friday that Ark Invest’s stock-moving influence appears to be waning – at least for now.

Ark Invest’s exchange-traded funds were among the top performers on Wall Street last year, but did not do well in 2021 as investors turned away from high-growth stocks and towards economic recovery games.

The Mad Money host said when funds managed by star money manager Cathie Wood’s firm struggled, outflows began to increase. That has an impact on the stocks that are part of the ETFs, said Cramer.

“It seems pretty clear that the Ark Invest phenomenon is no longer in the game,” said Cramer. “We’re not seeing any major outflows here, but the era when Cathie Wood was propping these stocks up with her own buying bazooka seems to be over.”

The opposite was true last year when investors began to see how well Wood’s family of funds was doing, Cramer said, which resulted in the company seeing a massive surge of inflows and renewed vigor to enter the market.

Cramer noted that Ark’s flagship ARK Innovation ETF has started to do better lately as growth stocks are back in vogue. In fact, the fund is up 2.4% in the last 5 days, while the S&P 500 is down 1.9% in comparison.

ARK Innovation also rose 6% between June 7th and June 11th.

“Here’s the bottom line: if you look at fund flows, Ark Invest is no longer sustaining turbo-charged growth stocks, which makes their recent rebound seem far more meaningful to me,” said Cramer.

“Perhaps Cathie Wood can get her bazooka back if this group keeps climbing, but by then the ‘WoodStocks’ will rise or fall on their own.”