American investor Cathie Wood acquires additional Tesla shares

As Tesla, Inc. (TSLA:US) experienced a modest rebound this week, Cathie Wood’s ARK Invest continued to increase its position in the company. Again, on Friday, the firm acquired an additional portion of TSLA.

What occurred: ARK Invest, utilising its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), procured 24,782 shares of Tesla on Friday. Based on the closing price of the stock at $187.91, the total cost of the acquisition for the firm amounted to US$21.57 mio.

Throughout the entire week, ARK consistently bought Tesla shares in all five trading sessions.

·       Monday: 17,246 (US$3.29 mio)

·       Tuesday: 28,684 (US$5.50 mio)

·       Wednesday: 6,649 shares (US$1.25 mio)

·       Thursday: 24,782 shares (US$4.68 mio)

·       Friday: 114,811 (US$21.57 mio)

Source: Benzinga

Despite concluding the week with a 2.54% gain, Tesla stock has been fluctuating near its lowest levels, remaining below the psychological resistance of $200 since the release of the company's third-quarter results on Jan. 24.

Investors remain cautious about Tesla's growth amidst economic uncertainties and intense competition. The company, led by CEO Elon Musk, has not addressed these concerns adequately, adding to apprehensions by not providing a clear timeline for a margin inflection. The recent voiding of Musk's compensation package by the Delaware Chancery Court further adds to the uncertainties.

The absence of immediate catalysts may contribute to the stock remaining at its current subdued levels, at least until first-quarter delivery figures are released in early April.

Having said that, Cathie Wood maintains a bullish outlook on Tesla, predicting the stock to reach $2,000 by 2027.

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TSLA:US – Tesla Inc.

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