Tesla, Inc. (NASDAQ:TSLA) stock’s price-cut-induced sell-off on Friday did not deter Cathie Wood-run Ark Invest from continuing its buying spree.
What Happened: Ark’s flagship exchange-traded fund Ark Innovation ETF (NYSE:ARKK) bought 168,989 shares of Tesla on Friday, valued at $20.68 million at the session’s closing price.
The stock ended Friday’s session down 0.94% at $122.40, according to Benzinga Pro data. At one point in the session, the loss was as much as 6.4%. For the week, the stock gained 8.26%.
This week, the firm bought Tesla stock in all but one session.
- Monday: 27,811 shares valued at $3.3 million.
- Tuesday: 100,982 shares valued at $12 million.
- Wednesday: 91,523 shares valued at $11.28 million.
- Thursday: paused
The cumulative value of Tesla shares bought for the week was $47.26 million, a step up from the previous week’s purchases worth $27.99 million.
See also: Everything You Need To Know About Tesla Stock
Why It’s Important: Ark has been adding to its Tesla position ever since the sell-off in the stock intensified. ARKK now holds 3.742 million Tesla shares in its portfolio, giving it a weighting of 6.79%.
Wood’s firm said last week that Tesla stock could hit $500 by 2026 even after excluding autonomous driving and any form of ride-hailing.
Tesla’s U.S. price cuts announced on Friday are widely expected to change the competitive landscape, impacting sales of even internal combustion engine vehicles.
Read next: Tesla’s Addressable Market ‘Just Exploded,’ RIP Everyone Trying To Compete: Twitter Reacts To US Price Cuts
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