Cathie Wood Loads Up $71M In Tesla On Dip

Cathie Wood-led Ark Investment Management on Wednesday snapped up 110,731 shares, estimated to be worth about $71.38 million, in Tesla Inc TSLA on the dip.

Tesla shares closed 2.26% lower at $644.65 on Wednesday and have advanced about 7.6% since Ark last bought the company's shares in early June.

The New York-based investment deployed the Ark Innovation ETF ARKK to buy the shares and also hold Tesla stock via two other traded funds, namely, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW.

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All three ETFs - ARKK, ARKQ and ARKW- count Tesla among their largest holdings and together held about 4.93 million shares, worth $3.25 billion, in the electric vehicle company ahead of Wednesday’s trade. 

A Tesla bull, Ark Funds had in March updated its price target on electric vehicle maker’s stock to $3,000 per share, to be reached by 2025.

Some of the other key Ark Invest buys on Wednesday included Coinbase Global Inc COIN, UiPath Inc PATH, Quantum-Si Inc QSI and sells included Pluristem Therapeutics Inc PSTI and Pure Storage Inc PSTG.