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Tesla, Inc. TSLA shares began to turn around by the middle of the week after plunging to their lowest level in over two years.
Amid the stock volatility, Cathie Wood’s Ark Invest continued to load up on Tesla shares. On Friday, Ark’s flagship exchange-traded fund, the Ark Innovation ETF ARKK bought 221,748 Tesla shares, valued at $21.32 million, based on Friday’s closing price of $123.18. Ark purchased shares of Tesla in all of this week’s sessions.
- On Thursday, ARKK added 22,514 Tesla shares valued at $2.74 million.
- On Wednesday, ARKK bought 17,960 shares, valued at $2.02 million.
- On Tuesday, ARKK added 25,147 shares of Tesla, valued at $2.74 million.
ARKK’s cumulative purchases of Tesla during the holiday-shortened week ended Dec. 30 came in at $28.82 million. In the previous week, Ark Invest’s funds bought $10.6 million worth of shares.
See also: How to Invest In Tesla Stock
Why It’s Important: Tesla’s fundamental woes are far from over, as analysts expect protracted weakness amid demand issues in China and CEO Elon Musk’s Twitter focus. Musk, however, is hopeful about the value the stock brings to the table in the long run and has asked employees and his Twitter followers not to focus on the “stock market craziness.”
More clarity on the near-term outlook will emerge when the company reports its fourth-quarter deliveries early next week.
Tesla closed Friday’s session up 1.12% at $123.18, according to Benzinga Pro data.
Read next: Huge Rebound For Tesla? Lucid Bankruptcy? Auto Analyst’s 10 Bold Predictions For 2023
Photo: Courtesy of Shutterstock.
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Image and article originally from www.benzinga.com. Read the original article here.