Cathie Wood-led ARK Investment Management has bought over 66,000 shares of Tesla Inc (NASDAQ: NASDAQ:TSLA) at a valuation of over $13 million, based on Thursday’s closing price, via the company’s flagship ARK Innovation ETF (NYSE: ARKK).
Shares of Tesla and Zoom Video Communications Inc (NASDAQ: ZM) appear to be in a tight race for the top spot in the fund’s holdings. Currently, Tesla is the top holding in the ARKK fund, with a weight of 9.42% in the portfolio, according to the latest data on the company’s website.
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Shares in the Elon Musk-led company slumped 6.6% to close at $207.28 on Thursday, according to data from Benzinga Pro, after its revenue came in lower than Wall Street expectations.
Wood has been a big supporter of Tesla, which was a top contributor to ARK Innovation ETF's and ARK Next Generation Internet ETF's (NYSE: ARKW) third-quarter performance. Wood in her quarterly commentary discussed how companies focused on disruptive innovation have the potential to surprise on the upside with significant exponential growth trajectories.
“Traditional auto analysts deemed Tesla as doomed to failure: they did not understand that Tesla was a robotics, energy storage, and artificial intelligence company, not an auto company,” Wood stated.
The veteran investor began picking up Tesla stock in the first week of October after a pause of over three months, purchasing shares through two different funds at an estimated price of $32 million.
NVIDIA Sale: The ARK Innovation ETF sold over 59,000 shares of chipmaker NVIDIA Corporation (NASDAQ: NASDAQ:NVDA) valued at over $7 million, based on Thursday’s closing price. On Tuesday, Deutsche Bank (ETR:DBKGn) maintained its "hold" rating on the stock while reducing the price target from $165 to $140, according to the Benzinga Analyst Stock Ratings tool.
Read Next: Tesla Is 'Solution To The Economy': Cathie Wood Says There's No Stopping Trend To Electric Vehicles
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