This is the first time since the middle of June that Wood has purchased TSLA stock shares.
Ark ETFs purchased a little more than 132,000 shares of TSLA stock on Monday.
Following a steep drop on Monday due to a less-than-satisfactory number of deliveries for the third quarter, shares of Tesla Inc. surged on Tuesday when Cathie Wood purchased the company’s stock.
According to information compiled by Bloomberg, funds managed by Wood’s Ark Investment Management LLC made their first purchase of Tesla stock since the middle of June when they bought 132,213 shares of Elon Musk’s company on Monday. This was the firm’s first purchase of Tesla stock since the beginning of the month.
After suffering a loss of 8.6% at the day’s end on Monday, Tesla shares reached a high of $252.2 in New York and gained as much as 4%. Along with Amazon.com and Microsoft, it was one of the companies that contributed the most to the rise in the S&P 500 Index on Tuesday morning. The leading indicator is also climbing strongly, and just seven stocks in the index are trading in the negative right now.
After reducing the size of her holdings in Tesla during the previous year, Wood is making her second investment in the company in 2022. The first one happened in June, only a few days after Tesla had been demoted from its crown jewel status in her primary fund, a position the company had maintained for around four and a half years.
The most recent purchases prove that Cathie Wood is now engaged in a frenzy of purchasing dips.
According to statistics provided by Bloomberg as of the end of June, Ark had been selling its shares of Tesla for at least five consecutive quarters. The flagship Ark Innovation ETF and the Ark Next Generation Internet ETF were responsible for the purchases made on Monday.
The primary ETF that Ark offers has had a decline of sixty percent in 2022 as a result of the previous tightening by the Federal Reserve and predictions of a worldwide crisis.
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