Cathie Wood Scoops Up $1.3M In Tesla As Stock Stays In The Red This Year

Cathie Wood-led Ark Investment Management added more Tesla Inc TSLA stock to its portfolio on Tuesday, raising its exposure to the electric vehicle maker for the fourth time this month.

Ark Invest bought 1,721 shares, estimated to be worth $1.3 million, in Tesla on Tuesday.

Shares of the Elon Musk-led company closed 0.18% higher at $758.3 on Tuesday, but are down 36.8% so far this year.

Tesla shares have been under intense pressure ever since China introduced extensive three-week lockdowns last month, including production halts at Giga Shanghai

Shanghai is reportedly lifting its strict lockdown from Wednesday, as the number of COVID-19 infections across China dropped.

St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF ARKKArk Autonomous Technology & Robotics ETF ARKQ, and Ark Next Generation Internet ETF ARKW.

The three ETFs held 1.33 million shares worth $1.01 billion in Tesla before Tuesday’s trade. 

The value of Tesla holdings that Ark owns has shrunk nearly half since the beginning of the year.

Musk is currently also involved in a $44 million hostile take-private deal of Twitter Inc TWTR.

Here are some other key Ark Invest trades from Tuesday:

  • Bought 224,460 shares worth $5.64 million in CareDx Inc CDNA on the dip. Shares closed 3.9% lower at $25.15 on Tuesday.
  • Bought 178 shares worth $13,901.8 in Coinbase Global Inc COIN on the day shares closed 3.69% higher at $78.1. 

Posted In: ARK Investment ManagementCathie Woodelectric vehiclesElon MuskEVsLong IdeasNewsSector ETFsBroad U.S. Equity ETFsSmall CapTrading IdeasETFs