ARK Innovation ETF (NYSEARCA:ARKK) Hits New 12-Month High – What’s Next?

Shares of ARK Innovation ETF (NYSEARCA:ARKK) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $78.89 and last traded at $78.08, with a volume of 13570506 shares. The stock had previously closed at $76.24.

ARK Innovation ETF Price Performance

The company’s 50 day moving average is $64.43 and its two-hundred day moving average is $57.74. The firm has a market cap of $7.52 billion, a P/E ratio of 50.14 and a beta of 1.64.

Hedge Funds Weigh In On ARK Innovation ETF

A number of large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of ARK Innovation ETF by 57.6% during the first quarter. JPMorgan Chase & Co. now owns 3,890,615 shares of the company’s stock worth $185,115,000 after purchasing an additional 1,422,495 shares during the period. Envestnet Asset Management Inc. grew its position in shares of ARK Innovation ETF by 69.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 535,428 shares of the company’s stock valued at $30,396,000 after purchasing an additional 219,092 shares during the last quarter. Cresset Asset Management LLC increased its position in ARK Innovation ETF by 7.3% during the fourth quarter. Cresset Asset Management LLC now owns 465,030 shares of the company’s stock worth $26,400,000 after acquiring an additional 31,595 shares during the period. Toronto Dominion Bank raised its holdings in ARK Innovation ETF by 10,526.8% in the 4th quarter. Toronto Dominion Bank now owns 457,697 shares of the company’s stock valued at $25,983,000 after acquiring an additional 453,390 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of ARK Innovation ETF by 19.1% during the 4th quarter. Cetera Investment Advisers now owns 383,811 shares of the company’s stock worth $21,789,000 after acquiring an additional 61,508 shares during the period.

About ARK Innovation ETF

The ARK Innovation ETF (ARKK) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is an actively managed fund that seeks long-term capital growth from companies globally involved with, or that benefit from, disruptive innovation. ARKK was launched on Oct 31, 2014 and is managed by ARK.