ARK Invest loaded more than $20.6 million worth of Tesla shares on Friday. The firm bought during four trading sessions this week, adding about 390,000 shares, worth more than $47 million.
Cathie Wood is accelerating its purchase of Tesla shares this week, seizing the opportunity. This week, Tesla slashed the prices of its vehicles around the world, raising concerns among some investors. While some were selling shares of the manufacturer, others were buying, which caused some volatility. One of those who continued buying was Cathie Wood-managed ARK Invest, which has been loading its portfolio with cheap Tesla shares for months on end.
ARK’s Flagship exchange-traded fund, ARK Innovation ETF ARKK, bought 168,989 Tesla shares worth $20.68 million on Friday at the closing price of the trading session. It was a solid addition to what was purchased earlier this week. In the last five trading sessions, ARK Invest has been buying Tesla shares for four days.
Monday: 27,811 shares worth $3.3 million
Tuesday: 100,982 shares worth $12 million
Wednesday: 91,523 shares worth $11.28 million
Friday: 168,989 shares worth $20.68 million
In total, 389,305 Tesla shares were purchased this week for a total value of $47.26 million. This comes in addition to last week's purchase, which cost ARK Invest $27.99 million. ARK Invest said last week that Tesla shares could reach $500 by 2026, while completely eliminating autonomous driving and any form of ride-hailing from its model. Previously, they accounted for more than 60% of the firm's valuation.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
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.