Cathie Wood-led Ark Investment Management bought 49,755 shares, worth about $34.55 million, in Tesla Inc (NASDAQ:TSLA) on Wednesday as the stock dipped in the aftermath of the electric vehicle maker reporting earnings for the first quarter.
Tesla shares closed 1.47% lower at $694.40 on Wednesday and are down 5.9% since Monday's close of $738.20.
Wood made the latest purchase for Ark Innovation ETF (NYSE:ARKK). Tesla holds the highest position in ARKK among a total of 58 stocks and contributed about 9.67% of the weight of the ETF valued at about $2.38 billion, ahead of Tuesday's trade.
Ark Funds had last month updated its price target for Tesla to $3,000 per share by 2025.
Tesla reported a positive impact of $101 million in Q1 on its sale of $272 million Bitcoin.
Other Ark Buys On Wednesday:
Other Ark Sells On Wednesday:
See Also: Cathie Wood Sells Another $35.7M Worth Of Square Stock And Loads Up $25.8M In Coinbase
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