Ark Investment Management, led by Cathie Wood, continued to buy Tesla Inc. (NASDAQ:TSLA) shares on Monday, even though the stock had already rebounded and outperformed the broader market.

What Happened: Through its two ETFs, Ark Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW), Ark bought 163,421 Tesla shares, valued at $28.21 million.

Tesla ended the day up 1.05% to $172.63, while the S&P 500 fell 0.31%, according to Benzinga Pro data.

This gain came despite a downgrade from Mizuho Securities' Vijay Rakesh, who switched the stock from Buy to Neutral due to concerns about the near-term electric vehicle market. Some Tesla bulls, including Gary Black, have also expressed concerns about a potentially weak first-quarter deliveries report.

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Last Friday, Ark purchased about $20 million worth of Tesla shares. The stock could see some volatility in the shortened trading week as traders anticipate the first-quarter deliveries, likely due on April 2nd.

Other Major Buys:

Ark also added to its holdings in some of its favorite stocks, including Roku, Inc. (NASDAQ:ROKU) and Roblox Corp. (NYSE:RBLX) and also accumulated more of Moderna, Inc. (NASDAQ:MRNA). They've been on a Moderna buying spree since March, anticipating upcoming catalysts for the COVID-19 vaccine maker.

Here's a breakdown of their other purchases:

• Roku: 76,893 shares ($4.97 million)
• Roblox: 740,115 shares ($27.13 million)
• Moderna: 12,893 shares ($1.42 million)

Ark's flagship ARKK ETF closed Monday up 1.70% at $50.25.