On Wednesday, Cathie Wood-led Ark Invest continued its buying spree of Tesla Inc (NASDAQ:TSLA) shares, despite the electric vehicle maker's stock facing a fourth consecutive session of losses.
The TSLA Trade
Ark Invest, through its ARK Innovation ETF (NYSE:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and ARK Next Generation Internet ETF (NYSE:ARKW), purchased a total of 66,504 shares of Tesla.
This move comes amidst concerns over Tesla's potentially disappointing quarter and rumors of a shift in its product pipeline plans. The value of the trade, based on the closing price of $155.45, is approximately $10.34 million. Notably, Tesla was the only trade made on Wednesday by Ark Invest.
Despite the bearish market sentiment, Ark Invest's decision to buy Tesla shares aligns with its long-term bullish stance on the company. On Tuesday, Wood-led Ark had lapped up $3.3 million worth of Tesla shares.
The current tranche of share purchases happened after Tesla CEO Elon Musk announced the removal of inventory discounts on its cars in the U.S., citing the need to simplify the company's complex sales system.
Musk's upcoming visit to India, where he is expected to announce investments between $2 billion to $3 billion, also adds to the excitement surrounding the company's future.