Cathie Wood of ARK Invest continues to take advantage of the recent drop in the price of Tesla (NASDAQ: TSLA) shares to add them to the fund's portfolio. The company's funds bought more than $3 million worth of Tesla shares on Friday, rounding out a big week of rebuying (59,430 shares), continuing to add back some of what they sold in fall 2021.
On Friday, Ark Investment Management, led by Cathie Wood, bought more shares of Tesla, adding on to their purchases during the week. The manufacturer's shares are experiencing another temporary decline, which was a good reason to replenish the company's stocks. The fund bought another 3,927 shares of Tesla, for a total value of $3.18M based on the February 25 closing price. Including Friday's purchase, Ark Invest acquired 59,430 Tesla shares last week. Based on today’s (February 28’s) close of $870.43, these added shares alone are worth about $52M.
Wood's fund began reducing its stake in Tesla in August 2021. Tesla is still ARK Innovation's main holding. In September 2021, ARK Invest said its five-year price target for Tesla is $3,000 per share, which should be a benchmark for the firm's true attitude towards the manufacturer and its prospects.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.