Tesla, Inc. TSLA shares are down more than 8% this week on concerns about demand and margins. Undeterred by the sell-off continuing into the new year, Cathie Wood’s ark invests continued to fill up on the stock.
What happened: The flagship of Ark Invest Ark Innovation ETF ARKK And Ark Autonomous Technology & Robotics ETF ARKQ extension added 24,506 and 33,538 shares, respectively, of Tesla stock on Friday. Ark’s cumulative purchase of Tesla totaled 58,044 shares, valued at $6.56 million.
The Wood-run company bought Tesla shares in three out of four sessions in the truncated week. Tesla’s purchases of Ark this week totaled 255,206 shares valued at $27.99 million.
- On Wednesday, ARKK and ARKQ combined added 21,050 shares, valued at $2.39 million.
- On Tuesday, both exchange-traded funds bought a total of 176,112 shares of Tesla, valued at $19.04 billion.
The fund has been engaged in a rush to buy Tesla in recent weeks amid the stock’s crash. In the week ending December 30, it raised $28.82 million in shares, and in the week ending December 23, it added $10.6 million in shares.
Shares of Tesla plunged to a new low at the start of the new year, boosted by fourth-quarter deliveries that fell short of expectations. On Friday, the company announced price cuts of between 5.7% and 13.5% in China, which reignited concerns about a slowdown in demand in its key market.
See also: Everything you need to know about Tesla stock
Other professions of the Ark: Among Ark’s other notable trades on Friday was the sale of 31,758 shares of nvidia corp. NVDA extensionvalued at $4.72 million.
The company’s ARKQ also sold 169,472 shares of the Chinese EV startup XPeng, Inc. XPE extension, valued at $1.71 million. XPeng’s fundamentals have suffered recently due to the resurgence of COVID-19 in China. It underperformed its domestic peers Nio, Inc. NIO And LiAuto, Inc. THEREboth fundamentally and in terms of equity performance.
Tesla’s price cuts in China announced on Friday are expected to have a greater impact on XPeng, as the former’s reduced prices will likely take away market share from the latter. Most of XPeng’s sales come from its low-end price point, where it will now have competition from Tesla.
ARKK finished Friday’s session up 1.13% at $31.37, according to data from Benzinga Pro. Tesla recovered earlier losses and finished the session up 2.47% at 113.06 $.
Read next: Tesla price cuts in China cause shares to tumble amid margin concerns, but analysts say it’s actually a ‘smart move’
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