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Cathie Wood-led ARK Investment Management continued to load up on Tesla Inc TSLA stock for the fourth straight session on Wednesday, having purchased 91,523 shares at an estimated valuation of over $11 million based on the day’s closing price. As a result, purchases of Tesla stock by Wood’s funds now amount to over 475,000 shares this year.
The massive buy is a continuation from Tuesday when Ark loaded up a whopping 100,982 shares of the EV-maker at an estimated valuation of over $12 million via its ARK Innovation ETF ARKK and ARK Autonomous Technology & Robotics ETF ARKQ funds. ARK’s purchase of Tesla stock since mid-December is inching close to a million shares.
Also Read: Everything You Need To Know About Tesla Stock
Although Tesla got hammered on the first trading day in 2023, its shares have gained close to 14% so far this year. The company is reportedly close to a preliminary deal to set up a factory in Indonesia that would manufacture as many as 1 million cars a year. Discussions included plans around multiple facilities that would serve different functions.
Meanwhile, the Texas Department of Licensing and Registration filings disclosed that Tesla plans to spend over $770 million on constructing electric vehicle facilities there.
Other Buy: ARK also bought 74,792 shares of cryptocurrency exchange platform Coinbase Global Inc COIN at an estimated valuation of over $3.2 million. Shares of the company have gained over 30% this year.
Bank of America analyst Jason Kupferberg downgraded the stock from “neutral” to “underperform” and cut his price target from $50 to $35, saying Coinbase’s fourth-quarter crypto transaction volume coupled with a murky 2023 outlook for the crypto market suggests it might not meet consensus revenue targets this year.
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Image and article originally from www.benzinga.com. Read the original article here.