Cathie Wood-led ARK Investment Management bought 21,050 shares of Tesla Inc TSLA on Wednesday at an estimated valuation of over $2.39 million. This is the sixth consecutive day ARK has bought Tesla shares. Shares of Tesla closed 5.12% higher on Wednesday.
Also Read: Best Exchange Traded Funds (ETFs)
The fund started its latest buying spree post-Christmas and has loaded up over 484,000 Tesla shares in the last six trading sessions. On Tuesday, Wood bought Tesla shares worth $19 million on a day when the stock closed 12.24% lower, dragged by concerns over weakening demand and logistical problems. Tuesday’s decline also erased nearly $50 billion in market value for the Elon Musk-led company.
Wednesday’s purchases were done via the flagship ARK Innovation ETF ARKK and the ARK Autonomous Tech. & Robotics ETF ARKQ. Since mid-December, funds managed by ARK have bought over 673,000 shares of the EV maker.
Interestingly, a trademark filing last week reportedly shows Tesla could continue to expand its influence in the transportation industry. The filing extends Tesla’s electric motor trademark to “not for land vehicles.” This category expands Tesla’s trademark to motors for airplanes, boats, and electric toys. The application was filed with the European Union Intellectual Property Office.
Major Sale: ARK offloaded over 628,000 shares of Fate Therapeutics Inc FATE at an estimated valuation of close to $7 million.
Read Next: Tesla, Amazon, Apple, Alibaba, Microsoft: Why These 5 Stocks Are Drawing Investors’ Attention Today
Image and article originally from www.benzinga.com. Read the original article here.