Ark Invest, led by Cathie Wood, targets high-growth, disruptive, innovative, early-stage companies, including developers of electric vertical takeoff and landing (eVTOL) aircraft, which have the potential to upend urban transportation as we know it.
In May, Ark Invest purchased 119,000 shares of Joby Aviation (NYSE: JOBY). The move comes as Joby made its first successful test flight across New York, proving its eVTOL technology. Should investors follow Wood’s lead?
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Ark Invest owns 6.3 million shares of Joby Aviation across its ETFs
While most institutional investors reveal their positions when they file quarterly 13-F filings with the Securities and Exchange Commission (SEC), Ark Invest provides full transparency into its daily trades, giving investors insight into its investments.
On May 18, Ark Invest purchased shares of Joby Aviation, which was split among the ARK Autonomous Technology & Robotics ETF (NYSEMKT: ARKQ) and the ARK Space & Defense Innovation ETF (NYSEMKT: ARKX). Following the purchase, Ark Invest now owns nearly 6.3 million shares of Joby Aviation across these two ETFs.
Joby Aviation investors have reason to be optimistic. In April, the eVTOL company flew its flagship aircraft from JFK International Airport to three Manhattan heliports. The flight demonstrated the readiness of Joby’s aircraft and proved it can be a significant time-saver, flying from the airport to downtown Manhattan in just seven minutes.
Image source: Joby Aviation.
This comes as the U.S. government pushes to accelerate the development and launch of eVTOL aircraft through its eVTOL Integration Pilot Program (eIPP). The eIPP aims to speed up traditional approval processes, enable companies like Joby and competitor Archer Aviation to work with state and local governments, and…
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