Why Longview Acquisition Stock Popped Today

Shares of Longview Acquisition (NYSE: LGVW) have popped today, up by 16% as of 1:15 p.m. EST, after ARK Invest bought approximately 460,000 shares for its Ark Genomic Revolution ETF (NYSEMKT: ARKG). Longview Acquisition is a special purpose acquisition company (SPAC) that recently announced that it is merging with Butterfly Network, which makes a portable ultrasound device and accompanying app.

Longview, which will soon change its ticker symbol to BFLY after the merger closes, now represents a modest 0.17% of the exchange-traded fund (ETF), but ARK CEO and CIO Cathie Wood has a history of continuing to add to new positions after initiating a small stake.

Image source: Butterfly Network.

Source Fool.com