Cathie Wood's ARK Invest Reverses and Buys $28 Million Worth of Tesla Stock

Investing

Published: January 28, 2022 7:40 am

In a shocking move, a couple of ARK Invest exchange-traded funds run by Cathie Wood capitulated on their Tesla position and bought shares. Over the past year, ARK Invest funds have only been dumping Tesla Inc. (NASDAQ: TSLA) stock as it saw massive gains. However, as markets have entered correction territory (namely, tech stocks) Wood and company see this as a buying opportunity for Tesla, especially after Thursday’s session.

Currently, Telsa ranks as the single largest holding for ARK Invest, and the stock was brutalized during regular trading hours. It closed down over 11% to $829.10. The stock has traded in a 52-week range of $539.49 to $1,243.49. Tesla has a market cap of $832.63 billion.

As for ARK’s change in tact, a couple of exchange-traded funds bought roughly $28 million worth of Tesla altogether. The funds were each down around 4% on the day. Note that these ETFs are down sharply over the past year.

ARK Innovation ETF (NYSEARCA: ARKK) bought 27,799 shares of Tesla, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) purchased 5,683 shares. At Thursday’s closing price, this would have valued the purchases at $27.76 million altogether. Even though this constitutes a small fraction of their total holdings, every little bit counts. The innovation fund is down 52% in the past year, and the internet fund is down about 46%.

Check out all the ARK Invest buys for Thursday as well:

Fund	Ticker	Name	Shares
ARKG	BNR	BURNING ROCK BIOTECH	186,590
ARKG	NTLA	INTELLIA THERAPEUTICS	44,680
ARKG	PSNL	PERSONALIS	29,250
ARKK	DNA	GINKGO BIOWORKS	989,771
ARKK	TSLA	TESLA	27,799
ARKK	NTLA	INTELLIA THERAPEUTICS	26,278
ARKQ	MKFG	MARKFORGED	74,436
ARKQ	VLD	VELO3D	34,249
ARKW	TSLA	TESLA	5,683
ARKW	GENI	GENIUS SPORTS	858,666
ARKX	AVAV	AEROVIRONMENT	23,534
ARKX	VLD	VELO3D	59,122

Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of a673b.bigscoots-temp.com.

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