- June 7, 2021
- Posted by: Rachit Vats
- Category: Featured
Cathie Wood-led Ark Investment Management on Friday snapped up 12,763 shares, estimated to be worth about $7.65 million, in Tesla Inc (NASDAQ:TSLA) after over a two-week pause, during which time, shares of the electric vehicle company have advanced about 6.3%.
Tesla shares closed 4.58% higher at $599.05 on Friday. Ark last bought Tesla shares on May 20.
The New York-based investment deployed three of its traded funds to buy Tesla shares, namely: the Ark Innovation ETF (NYSE:ARKK), Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) and the Ark Next Generation Internet ETF (NYSE:ARKW).
All three ETFs – ARKK, ARKQ and ARKW- count Tesla as its largest holdings and together hold about 4.83 million shares, worth about $2.77 billion of the electric vehicle company. ARKK holds most of the shares, worth about $1.97 billion.
Ark Funds in March updated its price target on Tesla shares to $3,000 per share, to be reached by 2025.
See Also: Cathie Wood Buys Another $39M Tesla Shares On Dip, Also Adds Bitcoin Plays Square, Coinbase
Alphabet Class A shares closed 1.96% higher at $2,393.57 and Class C shares closed 1.96% higher at $2,451.7 on Friday. ARKF made a debut in Alphabet last week as it added the shares of the company to a portfolio of 43 other stocks.
Ark Invest also holds Alphabet via the Ark Space Exploration & Innovation ETF (BATS:ARKX) and ARKQ.
The investment firm also sold 11,102 shares, worth about $12.4 million, in video streaming company Netflix Inc (NASDAQ:NFLX) via ARKW on Friday.
ARKW holds a total of 123,160 shares, worth about $60.28 million, in Netflix. Ark Invest also holds Netflix shares via the Ark Space Exploration & Innovation ETF (BATS:ARKX).
Netflix shares closed 1.08% higher at $494.74 on Friday.
See Also: Cathie Wood Buys $26M Disney Shares And Sells $13M In Netflix: What You Need To Know