Cathie Wood-led ARK Investment Management continued buying Tesla Inc TSLA stock as it slipped below the $150 mark on the downside on Monday.
What Happened: The ARK Autonomous Technology & Robotics ETF ARKQ purchased over 27,000 shares of the EV maker at an estimated valuation of over $4 million. Tesla is the top holding of ARKQ with a weight of 8.56%.
ARK’s flagship fund, the ARK Innovation ETF ARKK, purchased over 31,000 shares of the EV maker on Friday. Despite the continued decline in the stock price, ARK has remained persistent with its bullish stance on Tesla. Last week, Wood’s cumulative Tesla stock buys totaled 111,842 shares or $17.42 million.
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Tesla shares have been on a downward trajectory this year in line with the broader markets that witnessed a significant rout following the Federal Reserve’s aggressive monetary policy to tackle inflation. Company-specific issues such as CEO Elon Musk’s preoccupation with Twitter have also taken a toll on the stock.
The scrip lost over 62% since the beginning of 2022. The decline overshadows the fall in SPDR S&P 500 ETF Trust SPY, which lost over 20% in the same period, and Vanguard Total Bond Market Index Fund ETF BND which shed over 12%.
Other Buys: The ARK Fintech Innovation ETF ARKF bought over 48,000 shares of cryptocurrency exchange Coinbase Global Inc COIN at an estimated valuation of $1.69 million.
Coinbase enables the trading of cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD.
At the same time, ARKK bought over 9,000 shares of Bitcoin-centric Block Inc SQ valued at about $566,000 based on Monday’s closing price.
Image and article originally from www.benzinga.com. Read the original article here.