Ark Investment Management, founded by Cathie Wood, continued its Tesla, Inc. (NASDAQ:TSLA) buying spree on Tuesday, even as the stock struggles to make meaningful headway. The firm also accumulated a few key portfolio stocks ahead of their earnings releases.
What Happened: Ark, through its flagship Ark Innovation ETF (NYSE:ARKK), added 28,684 Tesla shares valued at $5.5 million. Despite rising as much as 2.84% in early trading, the stock gave back much of its gains and settled the session up a modest 0.35% at $191.59, according to Benzinga Pro data.
The firm has accumulated Tesla shares in all four sessions following the company's fourth-quarter double miss.
Ark remains bullish on Tesla, expecting the stock to hit $2,000 by 2027, with much of the valuation framework attributable to the robo-taxi service.
Other Trades:
Ark also increased its position in Robinhood Markets, Inc. (NASDAQ:HOOD), as ARKK picked up 106,058 shares with an estimated value of $1.17 million. The retail trading giant has exposure to cryptocurrencies via crypto offerings on its platform. The company is due to release its quarterly results on Feb. 13.
Social ecommerce company Pinterest, Inc. (NYSE:PINS) was back in favor at Ark. Through ARKK and Ark Next Generation Internet ETF (NYSE:ARKW), the firm added 54,876 Pinterest shares valued at $2.12 million. This ad-dependent platform provider is due to release its fourth-quarter results on Feb. 8.
The firm also purchased $2.4 million worth of SoFi Technologies, Inc. (NASDAQ:SOFI), which jumped 20% on Monday following the financial services company's earnings release.
On the other hand, Ark sold 48,625 shares of Zoom Video Communications, Inc. (NASDAQ:ZM), the fourth biggest holding of ARKK. The sale would have fetched the firm $3.27 million.
Wood halted purchases of Ark's spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (CBOE: ARKB), on Tuesday after piling into the ETF since Jan. 18. From its debut session on Jan. 11, the ETF has shed about 6.74%.
ARKK ended Tuesday's session down 2.60% to $46.86, according to Benzinga Pro data.
