This article first appeared on GuruFocus.
Cathie Wood’s ARK Invest made fresh portfolio adjustments on Thursday, adding to select holdings that recently came under pressure while cutting exposure to stocks trading near recent highs, according to the firm’s daily disclosures.
ARK increased its position in Joby Aviation (NYSE:JOBY) after the flying-taxi developer’s shares tumbled in the previous session.
The stock fell sharply after the company outlined plans to raise about $1 billion through a mix of common stock and convertible senior notes, reviving investor concerns about dilution.
ARK picked up roughly 782,000 shares across its ARK Autonomous Technology & Robotics ETF and ARK Space Exploration & Innovation ETF, in a move that signals continued confidence in the long-term potential of electric vertical takeoff and landing aircraft.
The firm also boosted its exposure to biotechnology, adding more than 127,000 shares of CRISPR Therapeutics (NASDAQ:CRSP) as the stock drifted lower amid a broader market decline.