Cathie Wood-led ARK Investment Management bought Tesla Inc TSLA shares for the sixth consecutive day on Wednesday, adding over 9,900 shares of the EV maker at an estimated valuation of over $1.36 million.
Wood’s funds began their buying spree last Wednesday when Tesla shares were trading between $155.31 and 161.62 levels and since then has accumulated 168,913 shares of the EV-maker so far. Even if one calculates the stake value based on Wednesday’s closing price of $137.57, the purchase amounts to over $23 million.
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The stake buy comes at a time when the company’s stock has lost over 10% in the last five days following intense selling pressure as investors continued to worry that Elon Musk’s increased focus on the social media platform could take away from time spent on the EV-maker. Several analysts also cut price targets on the stock on Tuesday.
Tesla is the third-largest holding in the flagship ARK Innovation ETF ARKK with a weight of 6.9%. It is the top holding of ARK Autonomous Tech. & Robotics ETF ARKQ with a weight of 8.47%.
Other Buys: Woods funds also bought 11,600 shares of cryptocurrency exchange Coinbase Global Inc COIN at an estimated valuation of $407,740.
At the same time, ARK bought 8,004 shares of digital media player-maker Roku Inc ROKU at an estimated valuation of over $343,772.
Image and article originally from www.benzinga.com. Read the original article here.