• 488
  • 186
  • 1

Cathie Wood Is Back on the Tesla Bandwagon. She's Buying the Dip

Dow Jones2022-06-09

ARK Invest's Cathie Wood is back on the Tesla bandwagon -- in a big way.

Two of her exchange-traded funds scooped up Tesla (ticker: TSLA) shares on Tuesday: ARK Next Generation Internet ETF (ARKW) bought 1,107 shares and ARK Autonomous Technology & Robotics ETF $(ARKQ)$ bought 1,893 shares.

ARK Invest has bought more than 55,000 shares of the electric-vehicle maker since May 23, Bloomberg reported.

In April and early May, Wood sold roughly 37,000 shares of Tesla, which was having a tough time. She has insisted, though, that she is still bullish on the stock.

On Wednesday trading, the stock was up 1.25%; shares are down 29% for the year. Manufacturing slowdowns in Shanghai because of Covid-19 lockdowns and concerns about CEO Elon Musk's proposed acquisition of Twitter (TWTR) have weighed on shares.

It isn't a big surprise that Wood is buying the Tesla dip. She has a 2026 price target of $4,600, though the stock fell from its top spot in the flagship ARK Innovation ETF (ARKK) last month after the spring selloffs. Still, Tesla makes up 8.32% of the fund, behind only Zoom Video Communications (ZM) at 9.7%.

ARK Invest has had its own blowups lately. Wood's funds have been hammered this year by rising bond yields and a broad downturn for technology and internet stocks: ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Autonomous Tech fund ETF are all down -- 54%, 53% and 28%, respectively.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment186

  • Basics101
    ·2022-06-09
    Down 54% nice! Don't know many rookies who can beat that!
    Reply
    Report
  • JLKang
    ·2022-06-09
    Ok
    Reply
    Report
  • SiniS
    ·2022-06-09
    👍🏻
    Reply
    Report
  • Remotecam
    ·2022-06-09
    Accumulation, followed by pump and dump. She gotta get back her 40% losses one way or another.  
    Reply
    Report
  • blessed_1
    ·2022-06-09
    Ok
    Reply
    Report
  • Timtan85
    ·2022-06-09
    Pls like
    Reply
    Report
  • Swordmerlin
    ·2022-06-09
    Ok
    Reply
    Report
  • Tiongwee
    ·2022-06-09
    Like
    Reply
    Report
  • StLiaS
    ·2022-06-09
    like
    Reply
    Report
  • trojan1337
    ·2022-06-09
    Like
    Reply
    Report
  • Khim007
    ·2022-06-09
    Please comment and like
    Reply
    Report
  • Boink
    ·2022-06-09
    Like pls sappork Aunty Cathy 
    Reply
    Report
  • puaychoo
    ·2022-06-09
    Okay 
    Reply
    Report
  • TTrade
    ·2022-06-09
    A like pls. Have a good day. 
    Reply
    Report
  • hynne
    ·2022-06-09
    l
    Reply
    Report
  • kaido
    ·2022-06-09
    Nice like pls
    Reply
    Report
  • HawTK
    ·2022-06-09
    Like and comment please 
    Reply
    Report
  • Barbarazhao
    ·2022-06-09
    Good to know 
    Reply
    Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial