Cathie Wood Continues To Load Up On Blade Air Mobility Stock

Closely-followed investor Cathie Wood’s investment management firm Ark Invest snapped up more shares in Blade Air Mobility Inc (NASDAQ: BLDE), a provider of luxury on-demand private helicopter and seaplane services, on Tuesday.

The St. Petersburg, Florida-based Ark Invest picked up 11,926 shares — estimated to be worth $98,270 — in Blade Air, a company that went public last year via a blank-check acquisition.

Blade Air had in November revealed in a filing that Ark Invest has already built up over 10% stake in the company. The investment firm has since been piling up more shares in the company that is looking to introduce electric vertical aircrafts in 2024.

Blade Air stock closed 3.39% higher at $8.24 a share on Tuesday. The New York-based Blade Air Mobility stock is down 26.4% so far this year. 

See Also: This Air Mobility Stock Is Down 6% This Year And Cathie Wood, Jim Cramer See Opportunity

Ark Invest bought shares in the company via the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ) and also owns the stock via the Ark Space Exploration & Innovation ETF (BATS: ARKX).

The two ETFs held 7.9 million shares — worth about $65.2 million — in Blade Air ahead of Tuesday’s trades.

Ark Invest also owns shares in Joby Aviation Inc (NYSE: JOBY), a stock in which it has far less exposure. The Californian venture-backed Joby Aviation is developing an electric vertical takeoff and landing aircraft that it aims to run as an air taxi service.

Wood's firm on Monday further trimmed its position in Tesla Inc (NASDAQ: TSLA), while piling up shares in rival Chinese electric-vehicle maker Xpeng Inc (NASDAQ: XPEV).

Photo: Courtesy of Blade Air Mobility