Cathie Wood-led Ark Investment Management on Friday lapped up more shares in Tesla Inc TSLA in a week that saw the electric vehicle company’s stock pull back from recent highs amid reports of a regulatory probe related to insider trading.
The firm bought 3,927 shares — estimated to be worth $3.18 million based on Friday’s closing price — in Tesla.
Tesla stock closed 1.1% higher at $809.8 a share on Friday. The stock, which is down 32.5% year-to-date, had sunk 8.6% last week.
Including Friday’s buy, Ark Invest had piled up 59,430 shares in Tesla last week.
The St. Petersburg, Florida-based Ark Invest owns shares in Tesla via three of its active exchange-traded funds — the Ark Innovation ETF ARKK, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW.
The three ETFs held 1.66 million shares, worth $1.33 billion, in Tesla ahead of Friday’s trade.
Ark Invest expects the Tesla stock to hit the $3,000 mark by the end of 2025.
Wood in December also started buying shares in the U.S.-listed Chinese electric automaker Xpeng Inc XPEV, which is a much smaller, but fast-growing player.
See Also: Cathie Wood Halves Exposure In Palantir, Dumps $148.9M Worth Shares On Friday
Here are the other key trades on Friday:
Sold 1,968 shares — estimated to be worth $22,572— in Palantir Technologies Inc PLTR. Ark Invest owns about 500 shares in the Peter Thiel-founded company via six of its ETFs following Friday’s sale.
Bought 13,109 shares — estimated to be worth $2.3 million — in Coinbase Global Inc COIN. Shares of the fintech company that deals in cryptocurrencies like Bitcoin BTC/USD and Dogecoin DOGE/USD closed 1.5% lower at $176.8 a share on Friday.
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