ARKK stock is up and is trading at $36.32 as of 10:49 AM EDT.
More than the Nasdaq Composite dropped during the dot-com boom, Cathie Wood’s well-liked ARK Innovation ETF (NYSEARCA:ARKK) closed Friday’s trading session at its lowest level in five years. With the most recent selloff, ARKK is currently down 78.7% from its record high of $159.70 set back in February 2021.
Despite ARKK’s decline, the ETF continues to draw in investors, as evidenced by the $869.32 million accumulation since the fund peaked. Moreover, $267.37 million has been earned by ARKK since September 1, 2022.
ARKK is currently edging closer to its $33.00 2020 COVID-19 trading low. As the exchange-traded fund has not traded below $33 per share since September 5, 2017, if it were to go below the threshold level, it would then reach a new five-year trading low.
ARKK is currently up 2.2% in the early going of Monday’s premarket trading session as it attempts to recover from its 5.7% decline on Friday.
Not just the ARKK Innovation ETF, which is Wood’s flagship ETF, has struggled under his direction. In 2022, all five of her other actively managed ETFs are trading substantially in the red. As attention shifts to corporate earnings, stock index futures anticipate a higher open on Monday, reversing the previous session’s selloff.
ARKK stock forecast
Traders who bet against Cathie Wood’s ARK Invest did well thus far in 2015. According to statistics from data analytics firm S3 partners, shorting the business’s family of eight exchange-traded funds (ETFs) has given investors a mark-to-market profit of $2.4 billion so far in 2022, more than double the $941 million profit they made in the entire previous year.
A $492 million portion of that gain was made since mid-August, when technology stocks started to decline again due to fresh concerns about rate hikes and rising bond yields.
Competitors Have Destroyed Adobe Stock. The ARK Of Cathie Wood Acquires The Slide
Featured Image – Megapixl © Timonschneider
Author Jowi Kwasu