Tesla Stock Sinks and Cathie Wood’s ARK Gets Back to Buying the Stock

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Exchange-traded funds under the umbrella of Cathie Wood’s ARK Investment purchased 33,482 shares of electric-vehicle company

Tesla

on Thursday.

Tesla (ticker: TSLA) stock closed Thursday at $829.10, down 11.6%. At that price, Wood paid an estimated $27.76 million for the shares.

The

ARK Innovation ETF
(ARKK) purchased 27,799 shares of Tesla, according to the daily trades posted by the ARK funds, while the

ARK Next Generation Internet ETF
(ARKW) bought 5,683 Tesla shares. The ARK funds have been sellers of Tesla shares since around September.

Tesla has declined 21.4% so far in 2022. It was rising 0.2% to $831 on Friday.

Tesla reported better-than-expected fourth-quarter earnings on Wednesday. Adjusted earnings came to $2.54 a share in the fourth quarter on sales of $17.7 billion. Operating profit was $2.6 billion, and free cash flow was $2.8 billion —each of the figures represent quarterly records for the company.

CEO Elon Musk disappointed investors during the company’s earnings call when he said Tesla wouldn’t be working on new models in 2022, but instead will focus on producing more of the company’s existing models this year.

Write to Joe Woelfel at [email protected]