Ark Invest, owned by Cathie Wood, started raising shares of Tesla, Inc. this week. TSLA, where she was no longer a salesperson for consecutive months.
What Happened: The series of stock sales saw Tesla ranked second in Ark’s flagship fund – the ARK Innovation ETF ARKK – in the week ending May 20.
Ark Invest holds Tesla in two of its ETFs – the ARKK and the ARK Next Generation Internet ETF ARKW. The Wood-run fund took Tesla shares in the first three trading sessions of the week. Leading up to the current week, the stock had recorded weekly declines for four weeks.
From the beginning of the year through May 20, Tesla stock had lost about 37%. Ark apparently started buying the dip. Despite the purchases, Tesla still ranks second in terms of ARKK’s weighting, behind Zoom Video Communications, Inc. HM. The former’s weighting is 8.63% compared to Zoom’s 9.50%.
Tesla’s weighting in the ARKW is 7.19% and the stock ranks fourth behind Zoom Video, Roku, Inc. ROKU and Grayscale Bitcoin Trust GBTC.
Related link: Tesla stock gets another price cut – this time from Jefferies
Here are the details of Ark’s Tesla purchases for the week ending May 27:
Over the course of the week, Ark accumulated 43,282 Tesla shares through both funds, with the cumulative value of the purchases at $27.96 million.
Tesla shares closed Friday’s session 7.33% higher at $759.63, according to Benzinga Pro.
This post How Many Tesla Shares Did Cathie Wood’s Ark Invest Buy This Week? was original published at “https://www.benzinga.com/news/22/05/27455599/how-much-of-tesla-stock-did-cathie-woods-ark-invest-buy-this-week”