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Space Exploration & Innovation ETF (ARKX) Hits New 52-Week High

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For investors seeking momentum, ARK Space Exploration & Innovation ETF (ARKX - Free Report) is probably on the radar. The fund just hit a 52-week high and has gained 52.7% from its 52-week low of $13.48 per share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

ARKX in Focus

ARKX ETF is an actively managed Exchange Traded Fund that seeks long-term growth of capital by investing under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Fund’s investment theme of Space Exploration and innovation. ARKX charges 75 bps in fees per year (see: all the industrials ETFs here).

Why the Move?

The fund invests 9.33% stake in Rocket Lab USA Inc (RKLB - Free Report) . RKLB shares gained 15.1% on Jan. 3, 2024, which drove the fund on that day. Rocket Lab’s latest surge was driven by the market's anticipation surrounding SpaceX's Falcon 9 launch, which is energizing the space sector overall.

More Gains Ahead?

ARKX might continue its strong performance in the near term, with a positive weighted alpha of 50.93 (per Barchart.com), which cues another rally.


 


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