To The Moon

$Tesla Motors(TSLA)$ was the subject of another day of buying from the bulls at ARK Invest, marking the second time in as many weeks the firm bought the automaker’s shares in its ETFs.

ARK Invest, headed by Cathie Wood, is arguably the most bullish firm on Wall Street when it comes to Tesla stock.

For years, Wood and ARK analysts have said that Tesla shares will be subject to exponential value increases, mostly due to the Robotaxi fleet and the completion of the Full Self-Driving suite.

However, ARK went around eight months without buying Tesla shares in 2023 and made its first purchase since April on December 20, two weeks ago yesterday.

During that buying period, ARK’s Innovation ETF, known as $ARK Innovation ETF(ARKK)$ , loaded up on 93,965 Tesla shares. Meanwhile, its Next Generation Internet ETF, known as $ARK Next Generation Internet ETF(ARKW)$ , purchased 17,422 shares.

ARK did sell some Tesla shares during the period where it was not buying them, but this was due to a rebalancing of the ETFs, as it does not want one holding to have too large of a concentration. The ETFs consist of many different stocks.

However, on Wednesday night, ARK bought more shares, adding them to $ARK Innovation ETF(ARKK)$ and $ARK Next Generation Internet ETF(ARKW)$

$ARK Innovation ETF(ARKK)$ filled up on 91,194 Tesla shares, equating to roughly 0.24% of the ETF.

$ARK Next Generation Internet ETF(ARKW)$ added 14,007 shares, roughly 0.198% of the ETF’s concentration.

Since January 4, 2023, Tesla shares are up over 112%. In 2022, the shares had a relatively large slide of over 65%, but Wood was never convinced Tesla was a bad investment.

ARK has continued to buy Tesla shares, and 2024 presents even more potential catalysts, including the Cybertruck ramp, potential FSD improvements, and the release of revamped Model 3 and Model Y vehicles globally.

$Tesla Motors(TSLA)$ shares closed at $237.93 on Thursday.

• As of Jan. 4, $Coinbase Global, Inc.(COIN)$ ranks first in $ARK Innovation ETF(ARKK)$ with a 10.22% weight with $Tesla Motors(TSLA)$ second with a 7.96% weight.

• Meanwhile, $Coinbase Global, Inc.(COIN)$ also is the top holding in $ARK Next Generation Internet ETF(ARKW)$ , with a 10.48% weight. Tesla stock is the sixth ranked holding in ARKW, with a 5.27% weight.

Technically, According to Investor's Business Daily

The relative strength line for $Tesla Motors(TSLA)$ is off short-term lows in October but still in a downtrend since July. $Tesla Motors(TSLA)$ stock sank after the EV giant reported worse-than-expected Q3 earnings and revenue on Oct. 18.

However, Tesla stock is building the right side of a double-bottom base giving it a $278.98 buy point, according to MarketSmith analysis.

$Tesla Motors(TSLA)$ stock does have a $265.13 entry from a weekly handle, which now has some depth. That handle could be proper on a daily chart after Thursday.