© Courtesy of BenzingaARK Investment Management , led by Cathy Wood , then added Tesla Inc. stock. (NASDAQ: TSLA) for the fourth straight session on Wednesday, buying 91,523 shares worth more than $11 million at the daily closing price. . As a result, Wood's fund bought more than 475,000 shares of Tesla this year.
The big buy came Tuesday when he bought 100,982 shares of ARK Innovation ETF (ARCA:ARKK) and ARK Autonomous Technology & Robotics ETF worth more than $12 million in electric vehicles. (Bats: ARKQ) Rs. ARK's purchases of Tesla shares have approached a million shares since mid-December.
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While Tesla's first day of trading is slated for 2023, shares are up almost 14% this year. The company is reportedly close to an initial deal to set up a plant in Indonesia that will produce 1 million vehicles a year. Discussions include a range of plans for facilities that will serve various functions.
Meanwhile, documents from the Texas Licensing and Registration Department show Tesla plans to build more than $770 million worth of electric vehicle factories.
Another purchase: ARK bought 74,792 shares of cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) for more than $3.2 million. The company's shares are up more than 30% this year.
Bank of America analyst Jason Kupferberg downgraded the stock to "unsatisfactory" from "neutral" and lowered his target to $35 from $50. Coinbase's fourth quarter crypto trading volume and crypto cloud market forecast for 2023 indicated that this could be the case. There was consensus on a sales target for this year.
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© 2023 Benzinga.de. Benzinga does not provide investment advice. All rights reserved.
