Richmond Brothers Inc. Makes New Investment in ARK Innovation ETF (NYSEARCA:ARKK)

Richmond Brothers Inc. purchased a new position in shares of ARK Innovation ETF (NYSEARCA:ARKK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,662 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ARKK. Moors & Cabot Inc. grew its position in shares of ARK Innovation ETF by 1.3% during the 4th quarter. Moors & Cabot Inc. now owns 20,650 shares of the company’s stock valued at $1,172,000 after acquiring an additional 263 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of ARK Innovation ETF by 8.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 3,956 shares of the company’s stock valued at $225,000 after acquiring an additional 312 shares during the period. D.A. Davidson & CO. grew its position in shares of ARK Innovation ETF by 3.1% during the 3rd quarter. D.A. Davidson & CO. now owns 12,172 shares of the company’s stock valued at $579,000 after acquiring an additional 361 shares during the period. Perigon Wealth Management LLC grew its position in shares of ARK Innovation ETF by 3.6% during the 4th quarter. Perigon Wealth Management LLC now owns 11,986 shares of the company’s stock valued at $704,000 after acquiring an additional 421 shares during the period. Finally, Focus Financial Network Inc. grew its position in shares of ARK Innovation ETF by 3.3% during the 4th quarter. Focus Financial Network Inc. now owns 13,020 shares of the company’s stock valued at $739,000 after acquiring an additional 422 shares during the period.

ARK Innovation ETF Stock Down 3.5 %

NYSEARCA:ARKK opened at $48.24 on Wednesday. ARK Innovation ETF has a 52 week low of $36.85 and a 52 week high of $68.43. The stock has a market capitalization of $5.29 billion, a PE ratio of 41.12 and a beta of 1.89. The stock’s 50-day moving average price is $58.57 and its 200-day moving average price is $54.38.

ARK Innovation ETF 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.