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Luke Kawa

ARK Invest’s flagship fund enjoys second-best week of inflows ever

The arc of ARK’s history is not long, but it bends toward major inflows during times of elevated speculation.

The flagship ETF of Ark Invest, the $10 billion ARK Innovation ETF managed by founder, CEO, and CIO Cathie Wood, took in $1.266 billion in the week ending August 15, per Bloomberg data, a figure surpassed by only the $1.295 billion that came in the door in the week ending March 12, 2021.

Over the week, the flows for this active ETF were all over the place, with major inflows on Monday and Tuesday, a record inflow Wednesday, a record outflow Thursday, and another massive exodus on Friday.

Per Bloomberg Intelligence’s Breanne Dougherty and Jessica Lin, these inflows “translated to an active week for that fund, adding a slew of notable positions in stocks.”

ARKK doubled its position in The Trade Desk and nearly did the same in Deere.

Wood also ended the week with lots of cash to put to work, having started it with about 8 million shares of a Goldman Sachs money market fund and finishing with over 432 million, per Bloomberg data.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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