ARK Innovation ETF (ARKK) Hits New 52-Week High

ARK Innovation ETF ARKK is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 89.28% from its 52-week low price of $36.85/share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

ARKK in Focus

ARKK is an actively managed Exchange Traded Fund (ETF) that seeks long-term growth of capital by investing under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation. The ETF ARKK charges 75 bps in annual fees.

Why the Move?

Cathie Wood’s ARK innovations have again started to glow. Last week, most of ARK ETFs including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF ARKW and ARK Fintech Innovation ETF ARKF surged about 8%. The standout performers among ARKK’s top holdings have been recent Coinbase, Tesla and Roblox.

More Gains Ahead?

The ETF ARKK might continue its strong performance in the near term, with a positive weighted alpha of 62.37, which gives cues of a further rally.

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This article originally published on Zacks Investment Research (zacks.com).

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