Space Cos. Earns Cathie Wood’s Seal of Approval by Investing.com

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© Reuters

By Christiana Sciaudone Investing.com – Space companies skyrocket following news that Cathie Wood’s Ark Invest is creating a “space exploration ETF.” Ark Invest, known for investing in disruptive innovation, said in a presentation that the new exchange-traded fund would focus on companies that are “leading, enabling or benefiting from technologically-enabled products and / or services that occur beyond the surface of the world. land. “Virgin Galactic Holdings Inc (NYSE 🙂 is up 20% and Maxar Technologies (NYSE 🙂 is up 30%, even though no companies have yet been named for listing. Ark’s flagship fund, ARK Innovation , earned more than 170% last year, according to CNBC, and has assets under management of $ 17 billion. The fund’s largest stake is Tesla (NASDAQ :), and last month Wood told CNBC that it has a price target. $ 7,000 for the electric vehicle maker. (For reference, it is trading around $ 860 now Tesla’s Elon Musk is the founder of SpaceX. “Space exploration is possible because of the convergence of a number of themes, and it is possible that a space exploration company will not make any income today, and there is no guarantee that such company will get any rev from innovative technologies in the future. ”The ETF will trade under the ARKX symbol.

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