Ark Invest’s Cathie Wood scooped up shares of Tesla after the electric vehicle company sold off on disappointing deliveries. Wood’s flagship ARK Innovation ETF added 108,380 shares of Tesla on Monday, while snapping up 23,833 shares for ARK Autonomous Technology & Robotics ETF , according to Ark’s daily trading data. These purchases were worth $32 million based on Tesla’s Monday close of $242.40. Tesla saw its shares tumble 8.6% for its worst day since early June after the electric vehicle maker released third-quarter production and delivery numbers on Sunday that fell short of analysts’ estimates. Tesla is the biggest holding of Ark’s flagship fund Innovation ARKK , accounting for nearly 10% of the ETF. Wood’s updated call on Tesla predicts the stock to hit $4,600 by 2026. Shares of Tesla are down 31% this year. Wood said last week that her confidence in Tesla couldn’t be higher as the movement towards electric vehicles accelerates. The innovation investor previously trimmed her Tesla holding to raise cash in order to buy other names. On Monday, Ark also bought shares of gaming platform Roblox , software company UiPath and space name Rocket Lab . Wood has been on a buying spree, picking up more of her beaten-down growth darlings during the market’s big rout. ARKK has fallen 60% this year as her disruptive stocks got hit hard by rising rates. High interest rates hurt the value of future earnings for growth companies.
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