Image: Brendan McDermid
Cathie Wood's ARK uploaded $10.6 million worth of Tesla shares this week alone, signaling a strong bullish outlook on the company. The fund continued its series of purchases, backing up its portfolio with Tesla shares, the purchase of which was activated in October.
Tesla shares have lost about 65% in value since the beginning of the year. While this scares some investors, Cathie Wood, using a strategy of buying shares low and selling them high, continues to buy tens of millions of dollars worth of Tesla shares.
Wood’s ARK Innovation ETF Ark Invest (ARKK) managed to buy 20,458 Tesla shares on Friday, the firm's daily trading report showed. The purchase is valued at $2.52 million, based on Friday's closing price of $123.15. The purchase followed after loading on Wednesday. Thus, Wood's funds were actively buying Tesla shares in all trading sessions of the week, except for Thursday.
During this week, Ark Innovation, through its three flagship funds, ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, and ARK Next Generation Internet ETF, made the following purchases:
- Monday: 27,494 shares, valued at $4.1 million
- Tuesday: 19,125 shares, valued at $2.64 million
- Wednesday: 9,952 shares, valued at $1.37 million
- Friday: 20,458 shares, valued at $2.52 million
The combined purchases amounted to 77,029 shares with an estimated total value of $10.63 million. Last week there were also two purchases totaling 111,842 shares, worth $17.42 million. ARK Investment Management funds purchased more than 522,000 shares of Tesla since Oct. 3, when they started their latest buying streak, according to ARK trading data, as Wood is in a hurry to capitalize on the stock in the future.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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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.