Convergence Financial LLC Cuts Stake in ARK Innovation ETF (NYSEARCA:ARKK)

Convergence Financial LLC reduced its stake in ARK Innovation ETF (NYSEARCA:ARKK) by 27.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,520 shares of the company’s stock after selling 3,515 shares during the quarter. Convergence Financial LLC’s holdings in ARK Innovation ETF were worth $540,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kestra Investment Management LLC purchased a new position in shares of ARK Innovation ETF in the 4th quarter worth about $68,000. Brown Brothers Harriman & Co. bought a new stake in ARK Innovation ETF in the 3rd quarter valued at about $76,000. Hobbs Group Advisors LLC bought a new stake in ARK Innovation ETF in the 3rd quarter valued at about $86,000. Bank of Jackson Hole Trust bought a new stake in ARK Innovation ETF in the 4th quarter valued at about $114,000. Finally, Global Trust Asset Management LLC raised its stake in ARK Innovation ETF by 221.5% in the 4th quarter. Global Trust Asset Management LLC now owns 2,090 shares of the company’s stock valued at $119,000 after acquiring an additional 1,440 shares during the period.

ARK Innovation ETF Stock Performance

Shares of ARK Innovation ETF stock opened at $56.46 on Thursday. ARK Innovation ETF has a 52-week low of $36.85 and a 52-week high of $68.43. The stock’s 50-day simple moving average is $60.78 and its 200 day simple moving average is $53.63. The stock has a market capitalization of $5.87 billion, a P/E ratio of 46.93 and a beta of 1.76.

ARK Innovation ETF Profile

The ARK Innovation ETF (ARKK) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is an actively managed fund that seeks long-term capital growth from companies globally involved with, or that benefit from, disruptive innovation. ARKK was launched on Oct 31, 2014 and is managed by ARK.