Cathie Wood's Ark Invest Seizes Tesla Dip, Acquires Over $17M in Shares Ahead Of Q1 Results — Zoom Stock Dumped

On Monday, Cathie Wood-led Ark Invest made significant trades involving Tesla Inc TSLA and Zoom Video Communications Inc ZM.

The Tesla Trade

Ark Invest purchased a total of 122,752 shares of Tesla across its ARK Innovation ETF ARKK, ARK Autonomous Technology & Robotics ETF ARKQ, and ARK Next Generation Internet ETF ARKW. The Ark trade was valued at $17.44 million. Tesla shares closed 3.4% lower at $142.05 for the day.

Tesla shares have fallen over 40% since the year began and over a longer 12-year period they have declined more than 12%.

Significantly, this purchase comes on the eve of Tesla’s first-quarter financial results announcement. Analysts expect Tesla to report first-quarter revenue of $22.34 billion, a slight decrease from the $23.33 billion reported in the same quarter of the previous year. This move by Ark Invest could be seen as a vote of confidence in the EV manufacturer, despite the cautious stance of analysts.

The Zoom Trade

Conversely, Ark Invest sold a total of 334,290 shares of Zoom Video Communications across its ARKK and ARKW ETFs. The value of the Zoom shares sold on April 22, based on the closing price of $59.54, is approximately $19.9 million.

See Also: Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds

Analysts’ ratings for Zoom have varied over the last quarter, ranging from bullish to bearish. Despite this, Zoom has been leveraging AI-powered advancements for growth and holding its ground amidst intense competition.

• Other Key Trades: Ark Invest sold shares of 2U Inc (TWOU) from its ARKK ETF.
• Ark Invest sold shares of Caterpillar Inc (CAT) from its ARKQ ETF.

Read Next: Elon Musk Reacts To Tesla’s Pricing Debate: ‘Only A Fool Thinks ….’