Ark Invest recently raised its price target on Tesla, but a new update suggests that the firm may also be looking to increase its holdings in future space travel too.
Ark Invest head Cathie Wood has announced the debut of a new space exploration stock exchange-traded fund (ETF), ARKX, set to go public in the stock market Tuesday, according to CNBC. The ETF is set to be the eighth space company in the firm’s portfolio, and the latest in a series of space exploration companies that have announced SPAC deals in the past six months.
ARK Invest Remains Bullish on Tesla, Price Targets Up ‘Considerably’ Says CEO [VIDEO] https://t.co/ecWbp2yms4
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Alongside holdings in ARKX, Ark Invest also holds a number of other space endeavors. Its top 10 holdings include partial ownership of Trimble (8.3%), Ark’s the 3D Printing ETF (6.1%), Kratos (5.6%), L3Harris (5%), JD.com (4.8%), Komatsu (4.6%), Lockheed Martin (4.5%), Iridium (4.3%), Thales SA (4%), and Boeing (3.6%), among others.
The firm’s new fund also includes 1.95% holding weight in the air travel company Virgin Galactic, along with its 39 other constituent holdings.
Wood has gained notoriety as a bullish supporter of Tesla and SpaceX over the years and especially following her predictions that Tesla would grow significantly in years to come – which came to be with the firm receiving an almost 150% return on the company’s holdings in 2020.