On Monday, Cathie Wood-led Ark Invest made significant trades involving Tesla Inc. (NASDAQ:TSLA). The investment firm increased its holdings in Tesla across multiple ETFs, despite the stock experiencing a decline.
The Tesla Trade
Ark Invest’s decision to bolster its Tesla holdings comes at a time when the Elon Musk-led company’s stock closed at $352.82, reflecting a 2.15% drop. The trades were executed through ARK Innovation ETF (BATS:ARKK), the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and the ARK Space & Defense Innovation ETF (BATS:ARKX). Specifically, ARKK acquired 29,563 shares, ARKQ added 9,209 shares, and ARKX bought 919 shares. The total value of these purchases amounted to approximately $14 million.
These acquisitions align with recent analyst predictions by Morgan Stanley analyst Andrew Percoco that Tesla will deliver 1.6 million vehicles this year. The analyst also highlighted potential growth drivers such as the expansion of Tesla’s robotaxi fleet and enhancements to its Full Self-Driving system. Despite a shortfall in Tesla’s energy storage output, the analyst remains optimistic about future demand, citing improvements in unit economics and increased interest from data centers.
Other Key Trades:
- Sold 25,240 shares of Teradyne Inc. (TER) through ARKK and ARKQ.
- Sold 29,773 shares of BWX Technologies Inc. (BAWXT) through ARKK and AKRQ.
- Sold 8,484 shares of Cameco Corp. (CCJ) through ARKQ.
- Sold 77,220 shares of Strata Critical Medical Inc. (SRTA) through ARKQ.
Benzinga Edge Stock Rankings indicate Tesla stock has a Momentum in the 32nd percentile and Value in the 3rd percentile.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Photo Courtesy: Sunil Prajapati on Shutterstock.com
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