Ark investment managementdriven by Cathie Woodwent on to purchase Tesla Inc. TSLA shares on Monday, even though the stock had already rebounded and outperformed the broader market.
What happened: Through its two ETFs, Innovation Ark ETF ARKK AND ARK Next Generation Internet ETF ARKWArk purchased 163,421 Tesla shares, valued at $28.21 million.
Tesla ended the day up 1.05% at $172.63, while the S&P 500 fell 0.31%, according to Benzinga Pro data.
This gain it arrived despite a downgrade from Mizuho Securities‘ Vijay Rakesh, which changed its stock from Buy to Neutral due to concerns about the near-term EV market. Some Tesla bulls, including Gary Black, have also expressed concern about a potentially weak first-quarter deliveries report.
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Last Friday, Ark bought about $20 million worth of Tesla shares. The stock could see some volatility in the shortened trading week as traders bring forward first-quarter deliveries, likely due on April 2.
Other important purchases:
Ark also bolstered its holdings in some of its favorite stocks, including Roku, Inc. YEAR AND Roblox Corp. RBLX and I even accumulated more Moderna, Inc. MRNA. They have been on a Moderna buying spree since March, anticipating the next catalysts for the COVID-19 vaccine maker.
Here’s a breakdown of their other purchases:
- Roku: 76,893 shares ($4.97 million)
- Roblox: 740,115 shares ($27.13 million)
- Moderna: 12,893 shares ($1.42 million)
Ark’s flagship ARKK ETF closed 1.70% higher at $50.25 on Monday.
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