As shares of Tesla Inc TSLA declined for the fourth consecutive session on Wednesday, Cathie Wood-led ARK Investment Management bought over 39,000 shares of the EV maker at an estimated valuation of over $7 million.
The purchase comes as Tesla shares faced intense selling pressure this week. Shares of Tesla closed over 7% lower on Wednesday after CEO Elon Musk sold 19.5 million shares, estimated to be worth nearly $4 billion, between Nov. 4 and Nov. 8.
The stock had plunged over 5% on Monday and nearly 3% again on Tuesday after a recall of 40,000 vehicles due to issues with electronic power assist steering.
Also Read: Best Online Stock Broker For Beginners
However, ARK has been a big proponent of EVs. In its weekly newsletter, its analysts said EVs would capture a much higher market share than previously expected.
On Oct. 20, ARK bought over 66,000 shares of Tesla at an estimated valuation of over $13 million. The EV-maker is the second largest holding of the company’s flagship fund, the ARK Innovation ETF ARKK, with a weight of 8.43%.
Other Buys: ARK also bought over 148,000 shares of Zoom Video Communications Inc ZM at an estimated valuation of over $10 million. The company also loaded up on shares of Roblox Corp RBLX and Coinbase Global Inc COIN at an estimated valuation of over $10 million each.
Major Sale: ARK offloaded over 323,000 stocks of chipmaker NVIDIA Corporation NVDA at an estimated valuation of over $44 million. Shares of the company have gained over 18% in the last month.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
