ARK Invest, Wood’s investment management firm, snapped up 74,862 shares of the electric-vehicle maker across three of her exchange-traded funds, according to a daily transaction report sent via email. The purchase was valued around $11.7 million, based on Wednesday’s closing price of $156.80.
ARK’s Tesla buy comprised 61,537 shares for the ARK Innovation fund (ARKK), 10,066 for the ARK Autonomous Tech. & Robotics ETF (ARKQ), and 3,259 for the ARK Next Generation Internet ETF (ARKW). Tesla is the third largest holding among ARK’s suite of investment products after Zoom Communications (ZM) and Exact Sciences (EXAS).
Tesla stock is down more than 19% in December so far and roughly 55% year-to-date. ARK’s flagship ARK Innovation fund (ARKK) is down around 13% this month and 64% on the year.
Much of Musk’s wealth is tied to Tesla shares, and he has now sold $23 billion worth of those shares in 2022.
Neither ARK Invest nor Tesla immediately responded to Yahoo Finance’s requests for comment.
Goldman Sachs also dealt another blow to Tesla earlier this week when the bank slashed its price target and lowered estimates on Tesla deliveries and gross margins for the fourth quarter, citing the prospect of weakening demand. Goldman maintained its Buy rating and is bullish over the long term.
ARK, like Goldman, remains confident in the company’s long-term delivery prospects. Wood pointed to “loosening supply chains” that place Tesla “at the forefront of being able to drive down costs and prices” to help bring electric vehicles to the mass market.
Wood told Yahoo Finance that “Elon’s main role at Tesla right now is moving it towards an autonomous taxi platform, which I think will happen in 2024. I think he thinks it will happen next year. I think he’s as focused as ever on that.”
Elsewhere in ARK’s shopping cart were 296,578 shares of Coinbase (COIN) across ARK Innovation (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The firm has been steadily purchasing shares of the cryptocurrency exchange, even as the stock gets battered amid turmoil in cryptoworld over the collapse of FTX.
This post was updated with details on Musk stock sales.
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
