Cathie Wood's Ark Invest bought the dip in Tesla after sell-off sparked by disappointing delivery figures
Cathie Wood speaks on a panel at Miami’s Bitcoin 2022 conference.
Rebecca Blackwell/AP Photo
Cathie Wood’s Ark Invest snapped up Tesla shares this week for the first time since mid-June.
Wood’s fund bought over 132,000 Tesla shares after the electric carmaker fell 9% Monday.
Wood has earned a reputation for dip-buying in 2022 – but her flagship fund is down 60% year-to-date.
Cathie Wood’s ARK Invest bought Tesla shares for the first time since mid-June after the electric carmaker missed its third-quarter delivery targets.
Ark bought 132,213 shares in Tesla Monday through its Ark Innovation and Ark Next Generation exchange-traded funds after Elon Musk’s firm slumped 8.6% for its lowest finish to a trading session since July 18.
Tesla shares fell after its third-quarter delivery numbers came in under target. It jumped just over 3% in premarket trading Tuesday but has still fallen 32% year-to-date.
Wood, a longtime Tesla bull, has spent much of this year trimming her stake in the electric carmaker. Monday marked the first time since June and the second time in 2022 that she added exposure to Elon Musk’s company.
Tech stocks have particularly suffered during this year’s sell-off, with the Nasdaq tumbling 31.6%. But Wood has used that slump as an opportunity to buy the dip in some of the innovation-focused stocks her funds tend to target.
Wood’s eight exchange-traded funds snapped up shares in 27 companies including Roku, Butterfly Network, and Zoom Video Communications last month, even as the Nasdaq suffered its worst one-day drop since the pandemic-driven sell-off of March 2020.
Wood’s flagship Ark Innovation ETF has plummeted over 60% this year despite her hunt for bargains, with aggressive Federal Reserve interest rate hikes weighing on some of her highest-profile holdings.
Read more: ‘Big Short’ legend Michael Burry warns stocks will keep falling – and predicts many investors will suffer heavy losses
