Tesla Inc (TSLA)

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Cathie Wood Keeps Faith In Tesla With $32M Stake Buy As Shares Drop Nearly 40% This Year
9:02 pm ET October 3, 2022 (Benzinga) Print
Cathie Wood-led ARK Investment Management has bought over 132,000 shares of Tesla Inc. (NASDAQ: TSLA), via two of the company’s ETFs, valued at over $32 million based on Monday’s closing price.

Tesla is the top holding in the company’s flagship ARK Innovation ETF (NYSE: ARKK) as well as the ARK Next Generation Internet ETF (NYSE: ARKW), valued at over $776 million and $113 million, respectively.

Deliveries: Tesla stock plunged over 8% on Monday despite the company reporting record deliveries in the third quarter, up 42.5% year-over-year, as the figures missed consensus estimates. Tesla said it produced 365,923 vehicles in the quarter and delivered 343,830 of them. Analyst expectations ranged between 350,000 and 370,000 with the consensus at 360,000.

Also Read: How To Invest In Tesla Stock

“Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars. As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,” Tesla said in a statement.

The stock has lost over 39% since the beginning of the year. Wood has been bullish on Tesla and has been an early backer of the EV-maker. "It is our top holding still and our confidence couldn't be higher," the ARK founder said last Tuesday on CNBC's "Squawk Box."

Major Sale: Wood’s funds continued to dump shares of Spotify Technology SA (NYSE: SPOT). On Monday, ARK sold over 593,000 shares of the audio streaming company, via two different ETFs, valued at over $52 million, based on Monday’s closing price.

Read Next: Here's How Many Vehicles Tesla Has Produced And Delivered In Each Quarter Since 2019

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