Tesla Bull Cathie Wood's Ark Invest Buys $7.16M Worth Of EV Maker's Shares After Q2 Earnings Reveal Profits Tanked Sharply (Corrected)

Editor’s Note: The headline has been revised for accuracy. It previously erroneously stated that Cathie Wood’s Ark Invest sold Tesla shares.

On Wednesday, Cathie Wood-led Ark Invest made a significant move by buying shares of Tesla Inc TSLA, despite the electric vehicle giant’s recent market challenges.

The Tesla Trade

Ark Invest’s ARK Next Generation Internet ETF ARKW acquired 33,143 shares of Tesla, a move that came on the heels of a turbulent period for the company. The value of this trade, based on the closing price of $215.99 on the same day, is approximately $7.16 million.

This purchase is particularly noteworthy given the context of Tesla’s recent performance. The company’s second-quarter financial results, reported on Tuesday, showed a revenue beat but an EPS miss.

Furthermore, Tesla’s automotive revenue dropped 7% YoY to $19.9 billion, marking its second straight quarter of YoY sales declines. This was the first time the company had experienced consecutive quarters of declining sales volume. Despite these challenges, Ark Invest has shown confidence in Tesla’s long-term prospects.

Other Key Trades:

• Ark Fintech Innovation ETF bought 1,059 shares of MercadoLibre Inc
• Ark Fintech Innovation ETF sold shares of Toast Inc (TOST).
• ARK Genomic Revolution ETF bought shares of 10X Genomics Inc (TXG).
• ARK Genomic Revolution ETF sold shares of Teladoc Health Inc (TDOC).
• ARK Autonomous Technology & Robotics ETF bought shares of Oklo Inc (OKLO).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal