Cathie Wood-led ARK Investment Management bought a whopping 100,982 shares of $Tesla (TSLA.US)$ on Tuesday at an estimated valuation of over $12 million based on Tuesday's closing price, taking its cumulative purchase of the EV maker's stock this year to about 384,000 shares.
The purchase was done through the $ARK Innovation ETF (ARKK.US)$ and the $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$.
Shares of Tesla closed 0.77% lower on Tuesday. The company has applied to expand its Gigafactory in Texas with a total investment of $775.7 million, one of its largest expansion drives since it set up the $5.5 billion Gigafactory in Germany, Reuters reported citing government filings.
ARK's cumulative purchases of Tesla since mid-December amount to over 860,000 shares. The fund's 2026 price target for the stock would be about $500 per share, based on its EV business alone, the firm's analyst Tasha Keeney said. The projection is adjusted for the 3-for-1 stock split that became effective on Aug. 25, 2022.
Major Sale: ARK continued to offload shares of Chinese EV-maker $XPeng (XPEV.US)$ for the third straight day. The ARK Autonomous Tech. & Robotics ETF sold 339,543 shares of the company on Tuesday at an estimated valuation of over $3.4 million. ARK had sold 111,173 shares of the company on Monday while offloading over 169,000 shares of the EV-maker on Friday last week.
Shares of Xpeng have lost over 4% in the last five days.