Shares of Komatsu rose 5.4%, the most in almost eight months, on the Tokyo Stock Exchange on Wednesday after a second of Cathie Wood’s exchange-traded funds started buying the company’s stock, according to a report by Bloomberg.
The Japan-based company engages in the manufacturing and selling of construction, mining, forestry and military equipment. Cathie Wood is the founder, CEO and CIO of Ark Invest, an investment management firm. (See Komatsu stock chart on TipRanks)
Two of Wood’s ETFs, Ark Autonomous Technology and Robotics ETF, have been buying Komatsu’s American depository receipts (ADRs) since August 17 and continued to do so on Tuesday. Meanwhile, Cathie Wood’s other ETF, Ark Space Exploration and Innovation ETF, also bought the ADR on Tuesday.
Over the past six months, shares of the construction equipment manufacturer have declined about 12.8%.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Komatsu with 35.5% of investors on TipRanks decreasing their exposure to KMTUY stock over the past 30 days.