Cathie Wood-led Ark Invest has nearly cut all its exposure in Boeing Co (NYSE:BA) and now owns just 100 shares in the Chicago-based planemaker, data from the popular money manager’s daily trades reveal.
The St. Petersburg, Florida-based Ark Invest bought shares in the maker of 737 MAX commercial planes in April this year via the then newly launched Ark Space Exploration & Innovation ETF (BATS:ARKX).
No other Ark Invest ETFs own shares in Boeing.
ARKX owned 74,056 shares in Boeing at the end of July this year, as per the investment firm’s annual report.
Ark Invest in September sharply reduced its exposure in Boeing after the planemaker failed to secure a large order from European budget airline Ryanair Holdings Plc (NASDAQ:RYAAY) due to differences over pricing.
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The beleaguered 737 MAX after two years of a global ban was cleared to fly again by most aviation regulators of countries around the world.
The world’s second-largest planemaker was earlier among the top 15 holdings in the ARKX portfolio, which currently counts Trimble Inc (NASDAQ:TRMB) and The 3D Printing ETF (BATS:PRNT) among its top holdings.
Boeing’s Defense, Space, and Security segment is also involved in NASA’s Space Launch System, a heavy-lift rocket meant for human space exploration. Boeing, which draws most of its sales from making planes, also builds satellites and software systems for commercial, military, and scientific exploration.
Boeing’s Space Launch System project has however been mired in delays.
Just last week, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s SpaceX secured fresh commercial crew flights to the International Space Station as Boeing further delayed certificates for the Starliner spacecraft due to technical issues.
Boeing may now not be able to fly astronauts for NASA until 2023 — more than three years behind schedule. The Starliner spaceship is already grounded for the rest of the year due to hardware issues.
See Also: NASA Signs Up SpaceX For 3 More Commercial Flights To ISS Amid Boeing’s Starliner Delays
NASA said it still plans to alternate missions between SpaceX and Boeing, once both are operational.
Price Action: Boeing shares closed 0.96% lower at $195.50 a share on Tuesday. The stock is down 16% over the past month.
‘This too shall pass away’ this famous Persian adage seems to be defeating us again and again in the case of COVID-19. Despite every effort