Cathy Wood-led ark investment management have bought 176,112 shares Tesla Inc TSLA At an estimated valuation of over $19 million that day the stock saw a significant drop.
Shares of the EV maker tumbled 12.24% on Tuesday, fueled by concerns over weak demand and logistical problems that have disrupted deliveries. Tuesday’s drop erased nearly $50 billion in Tesla’s market value, roughly equal to its rival’s valuation Ford Motor CompanyReuters reported.
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Tesla reported fourth-quarter deliveries on Monday that were lower than expected, suggesting the company further increased cars in transit during the quarter. The company delivered over 405,278 cars and produced over 439,000 units in the fourth quarter. It marked 31.33% Year-on-year growth and 17.87% sequential climb.
goldman sachs analyst Mark Delaney Reiterate “Buy” rating on Tesla Lowering the price target from $235 to $205.
Serial Purchase: This is the fifth day in a row that ARK is buying Tesla shares. Funds managed by ARK have bought more than 652,000 shares since mid-December Elon Musk-led company, a period where Tesla shares declined by more than 31%.
Tuesday’s shopping was done through the flagship ARK Innovations ETF ARKK And this Ark autonomous technology. and Robotics ETF ARKQBoth have the third largest holding of Tesla.
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