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Cathie Wood-Led Ark’s Tesla Love Affair Intensifies With $5.5M Stock Buy While Bitcoin ETF Purchases Take A Breather – ARK Innovation ETF (ARCA:ARKK) Cathie Wood’s Ark Investment Bets Big on Tesla Despite Struggles

Ark’s Continued Tesla Stock Accumulation

Ark Investment Management, led by Cathie Wood, showed no signs of wavering from its heavy investment in Tesla, Inc. as the stock faced challenges in gaining momentum. The firm made a significant addition of 28,684 Tesla shares valued at $5.5 million through its flagship Ark Innovation ETF.

Despite initial gains as high as 2.84% in early trading, Tesla’s stock closed the session with a modest 0.35% increase at $191.59.

Ark has been consistently accumulating Tesla shares in the aftermath of the company’s fourth-quarter earnings report, showcasing an unwavering bullish stance on the stock. Wood’s firm anticipates a remarkable surge in Tesla stock valuation, setting a target of $2,000 by 2027, fueled largely by the potential of the robo-taxi service.

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Further Portfolio Trades

Other than Tesla, Ark also made some notable trades:

  • Ark increased its position in Robinhood Markets, Inc. by acquiring 106,058 shares worth an estimated $1.17 million, ahead of the company’s upcoming quarterly earnings report on Feb. 13.
  • Social ecommerce company Pinterest, Inc. regained favor at Ark, with the firm adding 54,876 shares valued at $2.12 million through ARKK and Ark Next Generation Internet ETF ahead of its fourth-quarter results release on Feb, 8.
  • SoFi Technologies, Inc., which experienced a 20% surge on Monday following its earnings release, caught Ark’s attention with a purchase of $2.4 million worth of its shares.
  • Ark made a notable sell-off as well, parting with 48,625 shares of Zoom Video Communications, Inc., the fourth biggest holding of ARKK, which would have amounted to $3.27 million.
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Ark Puts Brakes on Bitcoin ETF Purchases

Cathie Wood’s Ark also decided to halt purchases of the ARK 21Shares Bitcoin ETF on Tuesday after aggressively accumulating the ETF since Jan. 18. The ETF has lost about 6.74% of its value since its debut session on Jan. 11.

Closing the session on Tuesday, ARKK was down 2.60% to $46.86, based on Benzinga Pro data.

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