Cathie Wood’s ARK Ups Tesla Stake By $15M, Trims Nio Holding

Cathy Wood-lead Ark Investment Management kept buying Tesla Inc. TSLA In stock this week, as a flagship Ark Innovation ETF arc and the ARK autonomous technology. & Robotics ETFs Arkuk loaded with 115,787 shares of Elon MuskLeading company on Tuesday. At the same time, ARK cut its stake in Tesla’s Chinese rival. Nio Co., Ltd. Nio on big sale.

Based on Tuesday’s closing price, the purchase is estimated to be over $15.2 million. The EV maker’s share price closed 7.43% higher during the session, after the company announced a series of downward revisions in China from late last year and its two price cuts in the US in the past five days. increased by more than 8%. Europe.

Also Read: Everything You Need To Know About Tesla Stock

Several analysts have expressed their opinions on the impact of these price cuts. Jeffries Analyst Philippe Ouchois We maintained our Buy rating on the stock while lowering our price target from $350 to $180. BofA Securities Analyst John Murphy We maintained our Neutral rating and lowered our price target from $135 to $130.

Less than two-thirds of the way through the month, ARK has already bought more than three-quarters of Tesla stock. Since mid-December, ARK’s fund has been loaded with more than 1.2 million shares of Tesla stock.

The EV maker is the third largest holding in the ARK Innovation Fund with a weight of 6.95% and the top holding in ARK Autonomous Tech. & Robotics ETF weighted at 8.8%.

Main Sale: On Tuesday, ARK sold more than 325,000 shares of the EV maker at an estimated valuation of over $3.17 million based on the day’s closing price. Nio’s stock is up more than 18% since his early 2023, according to Benzinga Pro data.

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