Cathie Wood-led Ark Invest Investment Management added more Tesla Inc (NASDAQ: TSLA) stock to its portfolio on Wednesday, raising its exposure to the electric vehicle maker for the third time this month.
Ark Invest bought 3,162 shares, estimated to be worth $2.29 million, in Tesla on Wednesday.
Shares of the Elon Musk-led company closed 1.25% higher at $725.6 on Wednesday, but are down 39.5% so far this year, according to data from Benzinga Pro.
St. Petersburg, Florida-based Ark began buying shares in Tesla late last month when they plunged due to production issues in China and uncertainty over Musk’s $44 billion Twitter Inc (NYSE:TWTR) take-private bid.
The popular investment firm last month scooped up 45,003 shares in Tesla and has bought 13,862 shares in June so far.
Tesla shares have been under intense pressure ever since China introduced extensive three-week lockdowns late in March, forcing production halts at Giga Shanghai.
See Also: Cathie Wood Continues Tesla Snap-Up Spree With $2.15M Buy
While Shanghai is now gradually reopening, Musk’s Twitter ‘circus show’ and ‘soap opera' continue to weigh on the stock’s weakness.
The billionaire entrepreneur also warned of 10% job cuts at Tesla last week, but added that “hourly headcount will increase.”
Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF (NYSE: ARKK), Ark Autonomous Technology & Robotics ETF (NYSE: ARKQ) and Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held 1.32 million shares worth $947.8 million in Tesla before Wednesday’s trade.
A Tesla super bull, Wood in April said the stock would hit $4,600 by 2026, revising her prior estimate of $3,000 by 2025.
