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ARK Investment Management bought approximately $34.55 million worth of Tesla (NASDAQ: TSLA) shares to strengthen its portfolio following a recent sale.
ARK Investment Management bought 49,755 Tesla shares on Wednesday for about $34.55 million. The purchase came after the firm had sold a number of them earlier, and immediately after the price on TSLA recently declined. ARK made the last purchase for the ARK Innovation ETF. Tesla holds the highest position here among 58 stocks and contributed about 9.67% of the ETF weight, which is valued at approximately $2.38 billion.
The Cathie Wood-led fund recently sold some Tesla shares and bought shares in the cryptocurrency exchange Coinbase Global Inc to balance its portfolio. Nevertheless, ARK has a strong position in Tesla. Last month, the firm updated its price target for Tesla to $3,000 per share by 2025. ARK's bear and bull case suggest that Tesla could be worth roughly $1,500 and $4,000 per share, respectively. Of note, the firm warned that it does not factor in Tesla's utility energy storage nor solar business into its models.
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