Tesla (NASDAQ: TSLA) bull ARK invest snapped up more than 26,000 shares of the electric automaker’s stock yesterday, adding to two of its ETFs.
ARK Invest added 15,349 shares of Tesla stock to its ARKK ETF, which is its Innovation fund. Tesla is the fund’s largest holding in this ETF, accounting for 10.12 percent of the ARKK portfolio, equivalent to $732,488,850 in market value.
The purchase on Monday only makes up 0.0388 percent of the fund, but it adds extra shares and strengthens ARK’s position in the ETF.
Additionally, Tesla added another 11,378 shares to the ARKW ETF, which is its Next Generation Internet portfolio. This purchase only makes up 0.1669 percent of the fund, which has Tesla stock as its fifth largest holding behind Coinbase, Roku, Block Inc., and Zoom.
The total value of the Tesla stock purchase, which was 26,727 shares in total, is somewhere around $4.6 million based on the closing price from yesterday.
The purchase on Monday follows a substantial buy last week by ARK, which loaded up on over 69,000 shares of the automaker’s stock on March 8.
Those purchases saw 51,960 shares added to the ARKK ETF, while 17,369 shares were purchased for the ARKW ETF.
ARK continues to bolster its position as a major Tesla shareholder after establishing itself as one of the main believers in the automaker several years ago.
In January, ARK Invest’s Cathie Wood continued to push a bullish narrative forward on Tesla. Wood said she believed Tesla had runway over the next five years to increase fivefold in price when only accounting for its electric vehicle business.
Tesla also operates a robust energy business, which is widely successful. Late last week, Tesla reopened standalone Powerwall orders after requiring the energy storage product to be accessible only by those who also purchased a solar system.
Additionally, ARK has been extremely bullish on Tesla’s potential with autonomous driving, which CEO Elon Musk recently stated was a main goal for the company moving forward. Autonomy could catalyze a stock growth of at least thirteen times over the next five years with these efforts added to the consideration:
“It could come from EVs alone… it’s almost a fivefold increase of this stock over the next five years. And if you believe in autonomy at all, it’s more like 13 times over the next five years. So we’re more optimistic about Tesla than we’ve ever been.”
Tesla shares are up around 4 percent at 12:17 PM on the East Coast, trading at $181.42.
Disclosure: Joey Klender is a Tesla shareholder.
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