Cathie Wood’s Robotics ETF Grabs More General Motors Shares

General Motors

Cathie Wood’s Ark Autonomous Technology and Robotics ETF has scooped up shares of General Motors Co (GM).

This is the first time in more than four months the fund is buying the US automaker’s stock.

The fund bought 120,004 shares of the automaker on Monday, adding to its holdings from around 143,000 before.

That marks Ark Investment Management Llc’s first purchase of GM’s shares since May 9.

GM’s shares have been gradually recovering after a 50% battering this year through July.

The car maker is looking past previous glitches and expanding a robotaxi service ran by Cruise, the autonomous vehicle startup that’s 80% owned by GM.

Cruise is targeting $1 billion of revenue by 2025, more than three years earlier than what Morgan Stanley forecasts in its model, the US investment bank wrote in a note last week.

Ark Investment’s flagship Ark Innovation ETF has plunged 55% in 2022 as historical tightening by the Federal Reserve and global recession fears batter growth stocks.

Leave a Reply

Your email address will not be published.