Cathie Wood Boosts Tesla Holdings Amid Market Rebound
Ark Investment Management, under the guidance of the illustrious Cathie Wood, displayed unwavering confidence in Tesla Inc. by acquiring 163,421 shares, valued at a staggering $28.21 million. This move transpired on a day when Tesla stock not only rebounded but also outperformed the broader market.
Market Performance Amidst Analyst Doubts
Tesla managed to end the trading day with a 1.05% rise, closing at $172.63, in stark contrast to the S&P 500, which experienced a 0.31% decline. This bullish performance occurred despite a downgrade from Mizuho Securities‘ influential analyst Vijay Rakesh, who shifted Tesla’s stock rating from Buy to Neutral due to apprehensions about the near-future electric vehicle market. Even notable Tesla enthusiasts like Gary Black have voiced concerns regarding a potentially lackluster first-quarter delivery report.
Continued Investment Strategy
Ark Investment Management’s bold investment choices didn’t stop at Tesla. The firm diversified its portfolio by making significant purchases in other favorite stocks, including Roku, Inc., Roblox Corp., and Moderna, Inc. Their recent focus on Moderna, with continuous buying sprees since March, signals anticipation for upcoming catalysts in the domain of COVID-19 vaccinations.
Summary of Recent Acquisitions:
- Roku: 76,893 shares ($4.97 million)
- Roblox: 740,115 shares ($27.13 million)
- Moderna: 12,893 shares ($1.42 million)
Following these strategic moves, Ark’s flagship ARKK ETF closed Monday with a 1.70% increase, reaching $50.25.
Looking Ahead
As anticipation builds for Tesla’s first-quarter delivery report due on April 2nd, the stock market may experience fluctuations in the coming shortened trading week. However, Ark Investment Management’s steadfast commitment to their investment vision portrays a confidence that seems unshakeable in the face of market uncertainties.
Conclusion
Despite market challenges and varying analyst opinions, Cathie Wood’s Ark Investment Management sets sail confidently in the turbulent waters of financial markets, with Tesla as their flagship holding and a diversified portfolio to weather any storm that may come their way.