Cathie Wood’s ARK Invest Reverses and Buys $28 Million Worth of Tesla Stock
A couple of Cathie Wood's ARK Invest exchange-traded funds bought over 33,000 shares of Tesla on January 27.
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In a shocking move, a couple of ARK Invest exchange-traded funds run by Cathie Wood capitulated on their Tesla position and bought shares. Over the past year, ARK Invest funds have only been dumping Tesla Inc. (NASDAQ: TSLA | TSLA Price Prediction) stock as it saw massive gains. However, as markets have entered correction territory (namely, tech stocks) Wood and company see this as a buying opportunity for Tesla, especially after Thursday’s session.
Currently, Telsa ranks as the single largest holding for ARK Invest, and the stock was brutalized during regular trading hours. It closed down over 11% to $829.10. The stock has traded in a 52-week range of $539.49 to $1,243.49. Tesla has a market cap of $832.63 billion.
As for ARK’s change in tact, a couple of exchange-traded funds bought roughly $28 million worth of Tesla altogether. The funds were each down around 4% on the day. Note that these ETFs are down sharply over the past year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 27,799 shares of Tesla, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) purchased 5,683 shares. At Thursday’s closing price, this would have valued the purchases at $27.76 million altogether. Even though this constitutes a small fraction of their total holdings, every little bit counts. The innovation fund is down 52% in the past year, and the internet fund is down about 46%.
Check out all the ARK Invest buys for Thursday as well:
| Fund | Ticker | Name | Shares |
|---|---|---|---|
| ARKG | BNR | BURNING ROCK BIOTECH | 186,590 |
| ARKG | NTLA | INTELLIA THERAPEUTICS | 44,680 |
| ARKG | PSNL | PERSONALIS | 29,250 |
| ARKK | DNA | GINKGO BIOWORKS | 989,771 |
| ARKK | TSLA | TESLA | 27,799 |
| ARKK | NTLA | INTELLIA THERAPEUTICS | 26,278 |
| ARKQ | MKFG | MARKFORGED | 74,436 |
| ARKQ | VLD | VELO3D | 34,249 |
| ARKW | TSLA | TESLA | 5,683 |
| ARKW | GENI | GENIUS SPORTS | 858,666 |
| ARKX | AVAV | AEROVIRONMENT | 23,534 |
| ARKX | VLD | VELO3D | 59,122 |
Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of 247wallst.com.
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
