Cathie Wood Resumes Tesla Buying Amid Stock's 16% Weekly Declines: Here's How Much Ark Invest Added In The Past Week

Zinger Key Points
  • Tesla 's fundamentals have faltered slightly amid demand concerns and CEO Elon Musk's distractions did not help matters any further.
  • The stock is among the worst performing large-cap stocks this year.

Tesla, Inc. TSLA shares ended the past week around the $150 level, its worst close since November 2020. Even as the stock is battered and is down about 57% year-to-date, Cathie Wood stood behind the stock like a wall, with her firm Ark Invest adding to its position in the electric vehicle maker.

After being less active for a while, Ark Invest’s trading activity picked up some momentum this week.

Here are the details of the firm’s Tesla purchases last week:

  • Wednesday, three of Ark’s funds bought Tesla. The firm’s Ark Innovation ETF ARKK bought 61,537 shares, the Ark Autonomous Technology & Robotics ETF ARKQ 10,066 shares and the Ark Next Generation Internet ETF ARKW 3,259 shares. In Wednesday’s session, Ark’s cumulative purchase of Tesla stood at 74,862 shares, valued at $11.74 million, based on the session’s closing price.
  • Thursday, ARKK bought 5,962 Tesla shares and ARKQ 500 shares, adding up to 6,462 shares, valued at $1.02 million, based on Thursday’s closing price.
  • Friday, ARKK added 31,018 shares of Tesla, valued at $4.66 million, based on the session’s closing price of $150.23.

For the week, Wood’s cumulative Tesla stock buys totaled 111,842 shares or $17.42 million.

Tesla shares closed Friday’s session down 4.72% at $150.23, according to Benzinga Pro data.

See also: How to Invest In Tesla (TSLA) Stock

Photo: Courtesy of Shutterstock.

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