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Cathie Wood-led ARK Investment Management continued to buy Tesla Inc TSLA stock this week, as the flagship ARK Innovation ETF ARKK and the ARK Autonomous Tech. & Robotics ETF ARKQ loaded up 115,787 shares of the Elon Musk-led company on Tuesday. At the same time, ARK slashed its stake in Tesla’s Chinese rival Nio Inc NIO with a big sale.
The purchase is estimated to be valued at over $15.2 million based on Tuesday’s closing price. Shares of the EV-maker closed 7.43% higher during the session and have gained over 8% in the last five days after the company announced a string of downward price adjustments in China since late last year and two rounds of price cuts in the U.S. and Europe.
Also Read: Everything You Need To Know About Tesla Stock
Multiple analysts have sounded out their opinions on the impact of these price cuts. Jefferies analyst Philippe Houchois maintained a ‘Buy’ rating on the stock while lowering the price target from $350 to $180. BofA Securities analyst John Murphy maintained a ‘Neutral’ rating and lowered the price target from $135 to $130.
Not even two-thirds into the month, ARK’s purchase of Tesla stock has already crossed over three-quarters of a million. Since mid-December, ARK’s funds have loaded up over 1.2 million shares of Tesla.
The EV-maker is the third largest holding in the ARK Innovation fund with a weight of 6.95% while it is the top holding of the ARK Autonomous Tech. & Robotics ETF with a weight of 8.8%.
Major Sale: On Tuesday, ARK sold over 325,000 shares of the EV-maker at an estimated valuation of over $3.17 million based on the day’s closing price. Nio’s shares have gained over 18% since the beginning of 2023, according to data from Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.