Cathie Wood-led Ark Investment Management bought 49,755 shares, worth about $34.55 million, inTesla Inc(NASDAQ:TSLA) on Wednesday as the stock dipped in the aftermath of the electric vehicle maker reporting earnings for the first quarter.
Tesla shares closed 1.47% lower at $694.40 on Wednesday and are down 5.9% since Monday's close of $738.20.
Wood made the latest purchase for Ark Innovation ETF(NYSE:ARKK). Tesla holds the highest position in ARKK among a total of 58 stocks and contributed about 9.67% of the weight of the ETF valued at about $2.38 billion, ahead of Tuesday's trade.
Wood has been bullish on Tesla but in the last month soldsome shares of the companyas it looked to rebalance its portfolio and loaded up shares in cryptocurrency exchangeCoinbase Global Inc(NASDAQ:COIN).
Ark Funds had last monthupdatedits price target for Tesla to $3,000 per share by 2025.
Teslabeat street expectationsfor the first quarter but analysts wereleft unimpressed, as they decried the EV maker's reliance on regulatory credit sales and, now,Bitcoin(BTC).
Tesla reported apositive impactof $101 million in Q1 on its sale of $272 million Bitcoin.
Other Ark Buys On Wednesday:
- CM Life Sciences II Inc(NASDAQ:CMIIU)
- Zymergen Inc(NASDAQ:ZY)
- Recursion Pharmaceuticals(NASDAQ:RXRX)
- 908 Devices(NASDAQ:MASS)
- Ionis Pharmaceuticals Inc(NASDAQ:IONS)
- Spotify Inc(NYSE:SPOT)
- Shopify Inc(NYSE:SHOP)
- Iridium Communications(NASDAQ:IRDM)
- Jaws Spitfire Acquisition(NYSE:SPFR)
- Galileo Acquisitions Corp(NYSE:GLEO)
- JD.com Inc(NASDAQ:JD)
- Pinduoduo Inc(NASDAQ:PDD)
- Pinterest Inc(NYSE:PINS)
Other Ark Sells On Wednesday:
- Phreesia(NYSE:PHR)
- Pure Storage Inc(NYSE:PSTG)
- Pluristem Therapeutics(NASDAQ:PSTI)
- SyrosPharmaceuticals(NASDAQ:SYRS)
- Novartis Ag(NYSE:NVS)
- PACCAR(NASDAQ:PCAR)
- Synopsys(NASDAQ:SNPS)
- Square Inc(NASDAQ:SQ)
- Silvergate Capital(NYSE:SI)
- Sea Ltd(NYSE:SE)
- Agora Inc(NASDAQ:API)
- Intercontinental Exchange(NYSE:ICE)