ARK Next Generation Internet ETF (NYSEARCA:ARKW) Sets New 1-Year High – Still a Buy?

ARK Next Generation Internet ETF (NYSEARCA:ARKW)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $175.21 and last traded at $174.76, with a volume of 513175 shares traded. The stock had previously closed at $169.30.

ARK Next Generation Internet ETF Stock Up 3.2%

The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 45.71 and a beta of 1.55. The stock has a 50-day moving average price of $160.19 and a 200 day moving average price of $132.75.

Institutional Investors Weigh In On ARK Next Generation Internet ETF

Several hedge funds have recently modified their holdings of the stock. MGB Wealth Management LLC purchased a new stake in ARK Next Generation Internet ETF in the 1st quarter valued at about $28,000. Headlands Technologies LLC acquired a new stake in shares of ARK Next Generation Internet ETF during the 2nd quarter valued at approximately $46,000. PNC Financial Services Group Inc. raised its position in shares of ARK Next Generation Internet ETF by 90.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 348 shares of the company’s stock valued at $51,000 after acquiring an additional 165 shares in the last quarter. Avion Wealth bought a new position in ARK Next Generation Internet ETF during the 2nd quarter worth $53,000. Finally, NBC Securities Inc. bought a new position in shares of ARK Next Generation Internet ETF in the first quarter worth $38,000.

ARK Next Generation Internet ETF Company Profile

The ARK Next Generation Internet ETF (ARKW) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is an actively managed fund with a broad mandate to invest in companies its managers have identified as benefiting from an infrastructure shift away from hardware and software toward cloud and mobile.