ARK Innovation ETF (NYSEARCA:ARKK) Hits New 12-Month High – Still a Buy?

ARK Innovation ETF (NYSEARCA:ARKK) shares reached a new 52-week high on Wednesday . The stock traded as high as $68.43 and last traded at $66.48, with a volume of 7398604 shares changing hands. The stock had previously closed at $67.02.

ARK Innovation ETF Stock Down 2.6 %

The firm’s 50 day simple moving average is $61.06 and its two-hundred day simple moving average is $53.06.

Institutional Trading of ARK Innovation ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bellwether Advisors LLC bought a new position in shares of ARK Innovation ETF in the fourth quarter valued at $29,000. Global Trust Asset Management LLC boosted its stake in ARK Innovation ETF by 550.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 650 shares of the company’s stock valued at $31,000 after purchasing an additional 550 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in ARK Innovation ETF during the 4th quarter valued at about $38,000. Graney & King LLC purchased a new stake in shares of ARK Innovation ETF in the fourth quarter worth approximately $61,000. Finally, Kestra Investment Management LLC bought a new position in shares of ARK Innovation ETF in the fourth quarter valued at approximately $68,000.

ARK Innovation ETF Company Profile

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.