11 months ago

Cathie Wood Buys More Tesla

Benzinga
Benzinga
On Friday, Cathie Wood of Ark Investment Management ($ARKK@US) bought even more deeply into the EV industry as manufacturers in the sector were seeing record highs and Tesla ($TSLA@US) was hit with a regulatory probe over insider trading. Tesla stock still closed about a percent higher on Friday, with Ark Invest buying almost 4000 shares that were worth a little more than $3 million. Including Friday’s buy, Ark Invest has bought nearly 60,000 shares of the frim in the past week. These shares have been allocated to the Ark Innovation ETF, Ark Autonomous Technology & Robotics ETF ($ARKQ@US), and the Ark Next Generation Internet ETF ($ARKW@US). Between the 3 ETFs, they hold 1.66 million shares of the firm that are worth around $1.33 billion. Why is this important? Ark expects Tesla stock to rise to $3000by the end of 2025, making this a long play while the stock is still relatively docile. In December, Ark also started buying stock in the Chinese EV firm Xpeng ($XPEV@US). At press time, Tesla stock was trading at just over $800 per share, down a little more than a percent in early activity.

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