Undeterred By Tesla's Woes, Cathie Wood Loaded Up $10.6M In EV Stock This Week

Zinger Key Points
  • Tesla stock has lost about 65% year-to-date.
  • Fourth-quarter deliveries data due in early January could offer more directional cues for the stock.

Tesla, Inc. TSLA stock sell-off did not deter at least one of the electric vehicle maker’s staunchest supporters, who went on to amass the stock.

What Happened: Cathie Wood-run Ark Invest’s Ark Innovation ETF ARKK bought 20,458 Tesla shares on Friday, the firm’s daily trade disclosure showed. The purchase is valued at $2.52 million, based on Friday’s closing price of $123.15.
Ark has been on a Tesla buying spree as it added the stock in all but one session of the week.

Ark's Tesla purchases during the week are as follows:

  • Monday: 27,494 shares, valued at $4.1 million
  • Tuesday: 19,125 shares, valued at $2.64 million
  • Wednesday: 9,952 shares, valued at $1.37 million
  • Friday: 20,458 shares, valued at $2.52 million

The cumulative purchases totaled 77,092 shares at an estimated value of $10.63 million. Tesla shares have been on a free fall this year, dragged by multiple factors, including demand slowdown, worries concerning CEO Elon Musk’s divided attention for Tesla amid his Twitter buy and his stock sales.

See also: How to Invest In Tesla Stock

Ark’s Other Buys: ARKK also added 6,786 shares of Roku, Inc. ROKU, which happens to be the fund’s fourth-highest holding on Friday. The purchase is valued at $280,601, based on the stock’s latest closing price of $41.35.

The Ark Fintech Innovation ETF ARKF bought 5,000 shares of cryptocurrency exchange Coinbase Global, Inc. COIN, valued at $177,450, and 37,034 shares of Roblox Corp. RBLX, valued at $990,659.

Tesla closed Friday’s session down 1.76% at $123.15 and ARKK retreated 1.99% before closing at $30.97, according to Benzinga Pro data.

Read next: $1,000 Invested In Beaten-Down Tesla Stock Now Will Be Worth This Much If It Returns To All-Time Highs

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Posted In: Long IdeasNewsTrading IdeasCathie Woodelectric vehiclesElon MuskEVs
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