Cathie Wood's Ark Invest Resumes Tesla Buying Amid Stock's Rally: What You Need to Know

Cathie Wood-run Ark Invest on Friday resumed buying its favorite stock – Tesla, Inc. (NASDAQ:TSLA).

Ark’s flagship ARK Innovation ETF (NYSE:ARKK) bought 32,401 shares of Tesla, valued at $28.9 million at Friday’s closing price. This marked the first time the fund is buying the EV maker’s stock in about a month and a half.

Ark was actively buying Tesla stock in May and in the first half of June, when the stock was going through a lean patch. In May, Ark bought 45,003 shares of Tesla and through June 16, it acquired an incremental 23,857 shares. Incidentally, the stock bottomed around that time amid worries concerning the impact of the Shanghai COVID lockdowns on production and has been trending higher since then.

Related Link: Cathie Wood Adds Tesla For 7th Time This Month With $3.3M Buy

Production at Tesla’s Giga Shanghai, which accounts for about half of the company’s global output, came to a standstill for about 22 days in April due to the lockdowns. After reporting soft deliveries for the month, the company has come back up strongly following the resumption of activity.

Earlier this month, Tesla reported better-than-expected results that have allayed investor fears. The company, however, has to turn in record performance in the second half to meet its long-term delivery growth target.

Tesla shares closed Friday’s session 5.78% higher at $891.45, according to Benzinga Pro data

Leave a Reply

Your email address will not be published. Required fields are marked *