Cathie Wood-led Ark Invest Investment Management added more Tesla Inc TSLA shares to its portfolio on Thursday, raising its exposure to the electric vehicle maker for the seventh time this month.
Ark Invest bought 5,174 shares, estimated to be worth $3.3 million, in Tesla on Thursday.
Shares of the Elon Musk-led company closed 8.5% lower at $639.3 on Thursday, erasing all of the gains from the day before. The stock is now down 46.7% this year, according to data from Benzinga Pro.
See Also: Cathie Wood Loads Up On Tesla Stock For 6th Time This Month
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.
Musk on Thursday had a first all-hands meeting with Twitter employees where he fielded questions on free speech, bots, layoffs, users, and revenue.
Further, Austin, Texas-based Tesla on Thursday took yet another steep price hike for its models sold in the United States.
See Also: Tesla Raises US Car Prices By Up To $6000: What It's EVs Cost Now
The popular investment firm scooped up 45,003 shares in Tesla last month and has bought 23,857 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 ARKK, Ark Autonomous Technology & Robotics ETF ARKQ, and Ark Next Generation Internet ETF ARKW.
The three ETFs held 1.32 million shares worth $926.7 million in Tesla before Thursday’s trade.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
