Cathie Wood Loads Up $34.5M Worth Of Tesla As Shares Retreat Post Q1 Earnings Report

Cathie Wood-led Ark Investment Management bought 49,755 shares, worth about $34.55 million, in Tesla Inc 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 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 sold some shares of the company as it looked to rebalance its portfolio and loaded up shares in cryptocurrency exchange Coinbase Global Inc COIN.

Ark Funds had last month updated its price target for Tesla to $3,000 per share by 2025.

Tesla beat street expectations for the first quarter but analysts were left unimpressed, as they decried the EV maker's reliance on regulatory credit sales and, now, Bitcoin (BTC). 

Tesla reported a positive impact of $101 million in Q1 on its sale of $272 million Bitcoin.

Other Ark Buys On Wednesday:

• CM Life Sciences II Inc CMIIU
• Zymergen Inc ZY
• Recursion Pharmaceuticals RXRX
• 908 Devices MASS 
• Ionis Pharmaceuticals Inc IONS
• Spotify Inc SPOT
• Shopify Inc SHOP
• Iridium Communications IRDM 
• Jaws Spitfire Acquisition SPFR
• Galileo Acquisitions Corp GLEO
• JD.com Inc JD
• Pinduoduo Inc PDD
• Pinterest Inc PINS

Other Ark Sells On Wednesday:

• Phreesia PHR
• Pure Storage Inc PSTG
• Pluristem Therapeutics PSTI
• Syros Pharmaceuticals SYRS
• Novartis Ag NVS
• PACCAR PCAR
• Synopsys SNPS
• Square Inc SQ
• Silvergate Capital SI
• Sea Ltd SE
• Agora Inc API
• Intercontinental Exchange ICE

See Also: Cathie Wood Sells Another $35.7M Worth Of Square Stock And Loads Up $25.8M In Coinbase