Stockmarket

Cathie Wood Scoops Up $10M In Tesla As Stock Crashes 32% In A Month



© Reuters. Cathie Wood Scoops Up $10M In Tesla As Stock Crashes 32% In A Month

Cathie Wood-led Ark Invest scooped up 15,858 shares, estimated to be worth $10.7 million, in Tesla Inc (: TSLA) amid the stock’s recent fall in the backdrop of production issues in China and CEO Elon Musk’s impending takeover of Twitter Inc (NYSE: NYSE:).

Tesla shares closed 1.6% lower at $674.9 on Monday and have declined over 32% over a month and over 40% since April 4, when Musk revealed a significant stake in Twitter.

This is Ark Invest’s first purchase of Tesla stock since late February and after months of profit-booking before the EV maker was hit by strict COVID-19 curbs in Shanghai.

Growing competition in the sector and Musk’s Twitter soap opera have also contributed to the stock weakness.

See Also: Cathie Wood Sells $8.8M More Of Tesla Stock On The Dip Amid Elon Musk’s Twitter Deal Funding Concerns

St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF (NYSE: ARKK), Ark Autonomous Technology & Robotics ETF (NYSE: ARKQ), and Ark Next Generation Internet ETF (NYSE: ARKW).

The three ETFs held 1.27 million shares worth $846.6 billion in Tesla before Thursday’s trade.

The value of Tesla holdings that Ark Invest owns has shrunk by more than half since the beginning of the year.

Long-time Tesla bull Daniel Ives, an analyst at Wedbush Securities, last week lowered his price target for Tesla to $1,000 from $1,400, citing the issues in China.

Other key Ark Invest trades on Monday:

  • Bought 91,868 shares — estimated to be worth $6 million— in Coinbase (NASDAQ:) Global Inc (NASDAQ: COIN). Shares of the crypto-trading platform closed marginally down to $66.1 on Monday.
  • Bought 99,388 shares — estimated to be worth $8.87 million — in Zoom Video Communications Inc (NASDAQ: ZM). Shares closed 0.46% lower at $89.3.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.