ARK Adds More SpaceX Shares
ARK Invest bought 114,815 SpaceX shares through the ARK Innovation ETF (ARKK) on August 7, worth about $13.2 million. SpaceX stock jumped 15.83% that day as it recovered from its post-earnings pullback.
SpaceX reported its first results as a public company on August 4. Revenue rose 92% year over year to $7.8 billion, beating Wall Street’s $6.93 billion estimate. The company also reported a loss of $0.09 per share, narrower than the expected $0.26 loss.
The stock had fallen after the report as investors focused on higher AI infrastructure spending. It then rebounded after the August 6 lock-up expiration passed without heavy selling. About 911.5 million shares became eligible for trading.
Meanwhile, Argus Research analyst Steven Silver also upgraded the stock to Buy from Hold and set a $160 price target. He said SpaceX’s first earnings report as a public company showed “strong operational performance” and that its “robust growth outlook” outweighs concerns over higher-than-expected AI infrastructure spending.
