ARK Innovation ETF (NYSEARCA:ARKK) Sets New 52-Week High – Here’s Why

ARK Innovation ETF (NYSEARCA:ARKK) shares reached a new 52-week high during mid-day trading 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 Trading Down 0.8 %

The company’s fifty day moving average price is $60.81 and its 200-day moving average price is $52.71.

Hedge Funds Weigh In On ARK Innovation ETF

Hedge funds have recently modified their holdings of the stock. Bellwether Advisors LLC acquired a new position in shares of ARK Innovation ETF during the fourth quarter valued at about $29,000. Global Trust Asset Management LLC increased its holdings in shares of ARK Innovation ETF by 550.0% during the third quarter. Global Trust Asset Management LLC now owns 650 shares of the company’s stock valued at $31,000 after acquiring an additional 550 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in shares of ARK Innovation ETF during the fourth quarter valued at about $38,000. Graney & King LLC acquired a new position in shares of ARK Innovation ETF during the fourth quarter valued at about $61,000. Finally, Kestra Investment Management LLC acquired a new position in shares of ARK Innovation ETF during the fourth quarter valued at about $68,000.

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.