Benzinga - by Shanthi Rexaline, Benzinga Editor.
Ark Investment Management, founded by Cathie Wood, continued its Tesla, Inc. (NASDAQ:TSLA) buying spree on Tuesday, even as the stock struggles to make meaningful headway. The firm also accumulated a few key portfolio stocks ahead of their earnings releases.
What Happened: Ark, through its flagship Ark Innovation ETF (NYSE:ARKK), added 28,684 Tesla shares valued at $5.5 million. Despite rising as much as 2.84% in early trading, the stock gave back much of its gains and settled the session up a modest 0.35% at $191.59, according to Benzinga Pro data.
The firm has accumulated Tesla shares in all four sessions following the company’s fourth-quarter double miss.
Ark remains bullish on Tesla, expecting the stock to hit $2,000 by 2027, with much of the valuation framework attributable to the robo-taxi service.
Other Trades:
- Ark also increased its position in Robinhood Markets, Inc. (NASDAQ:HOOD), as ARKK picked up 106,058 shares with an estimated value of $1.17 million. The retail trading giant has exposure to cryptocurrencies via crypto offerings on its platform. The company is due to release its quarterly results on Feb. 13.
- Social ecommerce company Pinterest, Inc. (NYSE:PINS) was back in favor at Ark. Through ARKK and Ark Next Generation Internet ETF (NYSE:ARKW), the firm added 54,876 Pinterest shares valued at $2.12 million. This ad-dependent platform provider is due to release its fourth-quarter results on Feb. 8.
- The firm also purchased $2.4 million worth of SoFi Technologies, Inc. (NASDAQ:SOFI), which jumped 20% on Monday following the financial services company’s earnings release.
- On the other hand, Ark sold 48,625 shares of Zoom Video Communications, Inc. (NASDAQ:ZM), the fourth biggest holding of ARKK. The sale would have fetched the firm $3.27 million.
ARKK ended Tuesday’s session down 2.60% to $46.86, according to Benzinga Pro data.
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