Cathie Wood Loads Up $2.7M In Tesla On Day Shares Crash 11.4% — Also Adds This Bitcoin Related Stock

Benzinga2022-12-28

On a day Tesla Inc stock dropped to over two-year lows, Cathie Wood’s ARK Investment Management took the opportunity to load up on the EV maker’s shares, displaying its unflinching trust in the company.

ARK’s flagship fund, the ARK Innovation ETF (ARKK), bought 25,147 shares of the company at an estimated valuation of about $2.7 million. Shares of Tesla closed 11.41% lower on Tuesday after a Reuters report indicated the company was intending to run a reduced production schedule in January at its Shanghai plant causing concerns over demand.

Tesla's latest production cuts in Shanghai coincided with the rising wave of infections after China eased down its strict COVID policy in December. The company’s Shanghai plant accounted for over half of its output in the first three quarters of 2022. Based on forecasts for the fourth quarter, analysts expect output to fall short of its goal by about 45%.

Since mid-December, Wood’s funds have loaded up over 214,000 shares of the EV maker.

Tesla is the third largest holding of ARKK with a weight of 6.46% while it is the second largest holding of the ARK Autonomous Tech. & Robotics ETF (ARKQ) with a weight of 7.7%, according to the latest data available on the company’s website.

Other Buy: ARK has also loaded up on Coinbase Global Inc shares which closed Tuesday’s session 8% lower. The ARK Fintech Innovation ETF (ARKF) bought over 6,000 shares of the company at an estimated valuation of over $200,000.

Coinbase enables users to trade and hold cryptocurrencies like BitcoinEthereum and Dogecoin.

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Comments

  • DQuek
    2022-12-28
    DQuek
    Why add now? It is the lowest point now??
  • 最爱黄霄云
    2022-12-28
    最爱黄霄云
    Gg
  • 中蓝的中榕
    2022-12-28
    中蓝的中榕
    Musk is a scammer, avoid anything that is afflicted to him like a plague 
  • Kerrisdale
    2022-12-28
    Kerrisdale
    Woods has made her name going with her unflinching beliefs on this EV Maker.
  • HLPA
    2022-12-28
    HLPA
    A case of you rub my shoulder (or is it buttocks?),  I rub yours
  • OddEyeCircle
    2022-12-28
    OddEyeCircle
    Impulsive Gambler [Duh] 
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