© Reuters. New year, same old Cathie Wood: ARK buys more Tesla (TSLA) stock on weakness
By Senad Karaahmetovic
ARK Investment Management, founded and managed by Cathie Wood, has continued to add more Tesla (NASDAQ:) shares to its portfolio. According to ARK Invest Daily Trades, Cathie Wood bought 144,776 Tesla shares yesterday through its flagship ARK Innovation ETF (NYSE:).
Another 31,336 Tesla shares were bought via ARK Autonomous Technology & Robotics ETF (NYSE:). Combined, ARK’s purchase of Tesla shares on January 3 was valued at approximately $19 million, based on Tuesday’s closing price.
Wood buying Tesla stock, despite a massive selloff in shares in recent months, is not a novelty. The hedge fund manager was buying Tesla shares on the last trading day of last year when it acquired 221,748 shares. ARK has also made similar buys in recent weeks.
Tesla stock fell 65% last year before opening a new year with a 12.24% drop.
Shares are up almost 2% in pre-market Wednesday.
Image and article originally from www.investing.com. Read the original article here.