Cathie Wood-led Ark Investment Management on Thursday raised its exposure in Tesla Inc (NASDAQ:TSLA) on the dip, breaking its months-long profit-booking spree in the electric vehicle maker’s stock.
The popular money managing firm bought 33,482 shares — estimated to be worth $27.75 million based on the latest closing price— in Tesla.
Tesla stock closed 11.55% lower at $829.10 a share on Thursday. The stock is down 30.9% so far this year.
Tesla has a 52-week high of $1,243.49 and a 52-week low of $539.49.
See Also: Elon Musk Says Tesla Is Not Currently Working On The $25,000 Compact Car — Here's Why
Ark Invest bought shares in Tesla via the Ark Innovation ETF (NYSE:ARKK), and the Ark Next Generation Internet ETF (NYSE:ARKW). The Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) too owns shares in Tesla.
The three ETFs held 1.46 million shares — worth $1.37 billion — in Tesla, prior to Thursday’s trade.
Tesla reported impressive fourth quarter earnings after the bell on Wednesday but investors were not impressed as the company said it is not working on a $25,000 electric car yet and said it does not plan to produce new model vehicles in this year.
See Also: Cathie Wood Sells Another $90M In Tesla And Loads Up On The Dip In This Tech Stock
Tesla CEO Elon Musk instead told investors it is more important to develop the humanoid robot than new models.
Wood, a Tesla bull, had been selling shares in the Musk-led company’s stock since September when shares rose after a blockbuster deal with car rental company Hertz Global Holdings (NYSE:HTZ). Tesla shares had joined the $1 trillion market club after shares went past the $1,000 mark.
See Also: Cathie Wood Continues Sell-Spree In Netflix, Shedding $822K Worth Of Shares On Wednesday
