Cathie Wood Loads Up On Tesla Stock For 6th Time This Month

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

Ark Invest bought 300 shares, estimated to be worth $198,801, in Tesla on Tuesday.

Shares of the Elon Musk-led company closed 2.4% higher at $662.6 on Tuesday, and are down 44.7% this year, according to data from Benzinga Pro

See Also: Tesla Finds A Buyer Again In Cathie Wood As Ark Loads Up $1.8M On Latest Dip

St. Petersburg, Florida-based Ark began buying shares in Tesla late last month when they plunged due to production issues in China and uncertainty over Musk’s $44 billion Twitter Inc TWTR take-private bid.

The popular investment firm scooped up 45,003 shares in Tesla last month and has bought 18,683 shares in June so far. 

A Tesla bull, Wood has forecast the EV stock will hit $4,600 by 2026.

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 1.29 million shares worth $840.4 million in Tesla before Tuesday’s trade.

Posted In: Long IdeasNewsSector ETFsBroad U.S. Equity ETFsTrading IdeasETFsARK Investment ManagementCathie Woodelectric vehiclesElon MuskEVs
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