Ark Invest on Tuesday bought 323,028 shares of Joby Aviation (JOBY) -), one of a handful of firms that is developing an all-electric air taxi.
The purchase, valued at roughly $2 million, was made by Ark's Autonomous Tech and Robotics fund. The fund's holding in Joby now amounts to 2.29 million shares, valued at $14.6 million and weighted at 1.45% of the fund.
Related: Archer Aviation CEO says Elon Musk has helped boost the air taxi industry
Joby is not, however, Cathie Wood's only electric air taxi bet. The same ETF holds 7.7 million shares of Archer Aviation (ACHR) -), valued at nearly $50 million and weighted at 4.8% of the fund.
The fund is led by a large holding in Tesla (TSLA) -), valued at more than $125 million and weighted at more than 12% of the ETF.
Shares of Joby closed at $6.41, down 1.5%, on Tuesday. Though the stock is well off its June high of $11.98 per share, the stock is up 91% for the year.
Jim Cramer, host of CNBC's "Mad Money," said in September that he would not recommend buying shares of Joby, for the sole reason that the company is "losing money hand over fist."
"I'm going to say you should sell, sell sell," Cramer said.
The stock has an average analyst price target of $8 per share, according to TipRanks.
Reporting third-quarter earnings results Nov. 1, Joby reported a net income of $1.5 million against $128 million in operating expenses. The company reported an adjusted loss of $93 million for the quarter, a loss Joby said was reflective of its high operating expenses.
The company said it had $1.1 billion in cash and short-term investments by the end of the quarter.
Still, Joby said that about 85% of its certification plans have been accepted by the Federal Aviation Administration (FAA). The company in September completed the delivery of one (of up to nine) aircraft to the U.S. Air Force as part of its $131 million contract with the Department of Defense.
The company in September successfully performed an exhibition flight of one of its vehicles in New York City.
“We plan to make quiet, emissions-free flight an affordable, everyday reality for New Yorkers, while significantly reducing the impact of helicopter noise," founder and CEO JoeBen Bevirt said at the time.
Shares of Joby fell roughly 3.5% Wednesday morning.
Related: Cathie Wood explains why Tesla Chief Elon Musk is worth betting so much on
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