Cathie Wood's ARK Invest has been buying Rocket Lab (NASDAQ:RKLB) on the way down. ARK's daily trade disclosures show three main waves since late August: 705,102 shares on Aug. 31 and Sept. 1, 359,612 on Sept. 22, and 233,482 on Oct. 1. That comes to almost 1. 3 million shares, worth over $85 million at the stock's prices on those days. And the stock closed at less than half its late-May record close of about $150 on all of ARK's buying days. Shares of the growth stock trade around $68 as of this writing, about 55% off that high. ARK's three funds now own around 3. 2 million shares, worth about $220 million. As I see it, though, ARK is mostly betting on a rocket the company hasn't flown yet.
POLARIS INSIGHTS