Fund manager Cathie Wood’s Ark Invest bought another chunk of Tesla, Inc. TSLA shares on Friday and also scooped up three more of its favorite tech names.
What Happened: Ark Invest’s flagship fund Ark Innovation ETF ARKK bought 31,018 shares of Tesla on Friday, a daily trade disclosure by the fund showed. The shares are valued at $4.66 million, based on the closing price of $150.23 on Friday, when it fell 4.72%. Ark Invest has been bulking up on the beaten-down Tesla shares since Wednesday.
Tesla has been on a downhill slide this year, pressured by macroeconomic factors, and company-specific issues, including CEO Elon Musk’s preoccupation with his newly-acquired Twitter social media platform.
Following Friday’s purchases, ARKK now holds 3.203 million Tesla shares, valued at $505.09 million. The electric vehicle maker’s stock is the exchange-traded fund’s second-biggest holding, accounting for 7.51% of the total portfolio.
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Other Buys: ARKK also picked up 32,773 shares of Zoom Video Communications, Inc. ZM, valued at $2.29 million, based on Friday’s closing price of $69.86. Zoom Video is the ETF’s top holding.
The fund bought 37,524 shares of Roku, Inc. ROKU, valued at $1.72 million. Roku closed Friday’s session down 1.57% at $45.85, according to Benzinga Pro data.
ARKK added 20,632 shares of Jack Dorsey-run fintech company Block, Inc. SQ for $1.29 million. Block shed 5.13% on Friday before closing at $62.51.
The equity market has been on a three-session retreat following the Fed meeting as traders fear the central bank’s hawkish stance could hurt the already-fragile economy even further.
Image and article originally from www.benzinga.com. Read the original article here.