By Dhirendra Tripathi
Investing.com – Ark Invest’s new space ETF will start trading Tuesday, pushing up shares of its top holding Kratos Defense (NASDAQ:) in Monday’s trade.
Kratos rose 8%. The current consensus rating among six TipRanks analysts is for a hold, with an average price target of $28.20, about where the stock currently trades.
Price targets range from a high of $32 to a low of $25.
ARKX, the firm’s eighth ETF, comes at a time when there’s heightened interest in space exploration among the private players, with many planning go public.
Ark founder Cathie Wood has gained a formidable reputation for picking up “disruptive innovation” stocks, many of which have turned into gold for her investors.
Wood’s views on companies are much sought after. A favorable call by her, or even a mention, can be reason for wild movements in the stock.
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