Cathie Wood Accelerates Tesla Buying This Week: Here's How Much Ark Invest Bought In 4 Days

Zinger Key Points
  • Tesla shares had a volatile tun this week amid the release of below-consensus Q4 deliveries and the price cuts in the U.S.
  • Focus now shifts to the company's Jan. 25 Q4 earnings report amid fears margins may grossly underperform relative to expectations.

Tesla, Inc. TSLA stock’s price-cut-induced sell-off on Friday did not deter Cathie Wood-run Ark Invest from continuing its buying spree.

What Happened: Ark’s flagship exchange-traded fund Ark Innovation ETF ARKK bought 168,989 shares of Tesla on Friday, valued at $20.68 million at the session’s closing price.

The stock ended Friday’s session down 0.94% at $122.40, according to Benzinga Pro data. At one point in the session, the loss was as much as 6.4%. For the week, the stock gained 8.26%.

This week, the firm bought Tesla stock in all but one session.

  • Monday: 27,811 shares valued at $3.3 million.
  • Tuesday: 100,982 shares valued at $12 million.
  • Wednesday: 91,523 shares valued at $11.28 million.
  • Thursday: paused

The cumulative value of Tesla shares bought for the week was $47.26 million, a step up from the previous week’s purchases worth $27.99 million.

See also: Everything You Need To Know About Tesla Stock

Why It’s Important: Ark has been adding to its Tesla position ever since the sell-off in the stock intensified. ARKK now holds 3.742 million Tesla shares in its portfolio, giving it a weighting of 6.79%.

Wood’s firm said last week that Tesla stock could hit $500 by 2026 even after excluding autonomous driving and any form of ride-hailing.

Tesla’s U.S. price cuts announced on Friday are widely expected to change the competitive landscape, impacting sales of even internal combustion engine vehicles.

Read next: Tesla's Addressable Market 'Just Exploded,' RIP Everyone Trying To Compete: Twitter Reacts To US Price Cuts

Photo: courtesy of Shutterstock.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Long IdeasTrading IdeasETFsARK InvestCathie Woodelectric vehicles
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!