Cathie Wood-led ARK Investment Management bought more shares of Tesla Inc. TSLA after last week’s purchase.
What Happened: The flagship ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW cumulatively bought over 26,700 shares of the EV-maker at an estimated valuation of over $4.6 million, based on Monday’s closing price.
Last week, ARK bought 69,329 shares of the EV-maker at an estimated valuation of over $12.6 million based on Wednesday’s closing price.
Tesla is the largest holding of the ARK Innovation ETF with a weight of 10.258%. Shares of the company have lost over 8% in last five days in line with the broader markets as fears of a potential contagion in the banking industry has rattled investor sentiment.
U.S. Transportation Secretary Pete Buttigieg said on Monday that using the term “Autopilot” as a feature of its electric vehicles fails to justify the company’s own requirement for drivers to keep both hands on the wheel, according to a Bloomberg report. The EV-maker has ramped up hiring at its Gigafactory in Texas for the much-awaited Cybertruck.
Price Action: Meanwhile, Wolfe Research analyst Rod Lache downgraded shares of Tesla from ‘Outperform’ to ‘Peer Perform’ and maintained a $185 price target. “We’re still convinced of Tesla’s improved cost trajectory, which should propel impressive growth over time,” Lache said, adding, “However, we’ve also become incrementally more concerned about macro challenges.”
Other Buy: ARK also bought over 53,600 shares of BILL Holdings Inc. BILL at an estimated valuation of over $3.9 million, based on Monday’s closing price.
Image and article originally from www.benzinga.com. Read the original article here.