Ark Invest CEO Cathie Wood has been a proponent of space industry growth and she may have found her new favorite stock.
What Happened: Two Ark Invest ETFs added small positions in Intuitive Machines LUNR to their portfolios on Wednesday, as the space stock soared over the past year and could gain more support with recent NASA contract wins.
The stock was added to the Ark Autonomous Technology & Robotics ETF ARKQ with 267,642 shares purchased. This represents 0.52% of the ETF and the 35th largest position at the time of writing.
To make way for the addition, Ark sold shares of Rocket Lab USA Inc. RKLB, another high-performing 2024 space stock. Rocket Lab is currently the fourth-largest position in the ETF at 5.59% of assets, trailing only Tesla Inc TSLA, 15.44%; Kratos Defense & Security Solutions KTOS, 10.07% and Teradyne Inc TER, 9.03%.
The stock was also added to the…