Cathie Wood-led Ark Invest continued buying Joby Aviation and Cerebras Systems shares on Thursday. Ark purchased 263,693 Joby shares, valued at approximately $1.3 million using Thursday's closing price of $5.08. The ARK Autonomous Technology & Robotics ETF bought 180,133 Joby shares. The ARK Space & Defense Innovation ETF purchased another 83,560 shares.
Thursday marked Ark's fourth consecutive trading session of Joby purchases. Ark bought 434,012 Joby shares on Monday for approximately $2 million. Ark added 884,681 shares on Tuesday for approximately $4.4 million. Ark purchased 653,692 shares on Wednesday for approximately $3.3 million. Ark's purchases across the four sessions totaled 2,236,078 Joby shares, with an estimated value of nearly $11 million.
Ark purchased 45,729 Cerebras shares on Thursday, worth about $5.3 million using the closing price of $115.16. The ARK Innovation ETF acquired 28,838 Cerebras shares. The ARK Next Generation Internet ETF bought another 16,891 shares. Ark had purchased 42,276 Cerebras shares on Wednesday, valued at approximately $4.8 million using that session's closing price. Ark's Cerebras purchases over the two days totaled 88,005 shares, with an estimated value of nearly $10 million.
Cerebras shares declined Wednesday after Culper Research released a short-seller report. Culper alleged that Cerebras' wafer-sized processors deteriorate after 18 to 30 months of service. Culper questioned the processors' durability and power consumption. Culper also challenged the economics of Cerebras' agreement with OpenAI. Culper disputed Cerebras' extension of estimated computer useful lives from 1.5 to 3 years to 3 to 5 years in the April registration filing. Culper disclosed a short position, and some evidence supporting Culper's allegations and opinions came from unnamed former employees and customers.
Joby is scheduled to release third-quarter results on November 4. Estimates cited in Tuesday's report projected a loss of 25 cents per share, compared with a loss of 48 cents a year earlier. The revenue estimate was $39.22 million, compared with $22.57 million a year earlier.
Morgan Stanley cut Joby's price target to $10 on October 19 with an Equal-Weight rating. Barclays downgraded Joby to Underweight on October 9 with a $4 price target. H.C. Wainwright maintained a Buy rating on September 21 with an $18 price target. Benzinga Edge rankings place Joby's Momentum score in the 2nd percentile.
Ark Invest Continues Buying Joby Aviation and Cerebras Shares Amid Market Volatility
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Summary
Ark Invest added to its positions in Joby Aviation and Cerebras Systems on Thursday amid market volatility. The firm bought 263,693 Joby shares for about $1.3 million and 45,729 Cerebras shares valued at $5.3 million. This follows three days of Joby purchases totaling nearly $11 million. Cerebras shares fell after a short-seller report raised concerns over product durability and financials. Joby is set to report Q3 results on November 4.
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