Cathie Wood-led Ark Investment Management on Wednesday snapped up 110,731 shares, estimated to be worth about $71.38 million, in Tesla Inc(NASDAQ:TSLA) on the dip.
Tesla shares closed 2.26% lower at $644.65 on Wednesday and have advanced about 7.6% since Arklast boughtthe company's shares in early June.
The New York-based investment deployed the Ark Innovation ETF(NYSE:ARKK) to buy the shares and also hold Tesla stock via two other traded funds, namely, the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ) and theArk Next Generation Internet ETF(NYSE:ARKW).
All three ETFs – ARKK, ARKQ and ARKW- count Tesla among their largest holdings and together held about 4.93 million shares, worth $3.25 billion, in the electric vehicle company ahead of Wednesday’s trade.
A Tesla bull, Ark Funds had in Marchupdatedits price target on electric vehicle maker’s stock to $3,000 per share, to be reached by 2025.
Some of the other key Ark Invest buys on Wednesday included Coinbase Global Inc(NASDAQ:COIN),UiPath Inc(NYSE:PATH),Quantum-Si Inc(NASDAQ:QSI) and sells included Pluristem Therapeutics Inc(NASDAQ:PSTI) and Pure Storage Inc(NYSE:PSTG).