Enquires@newsofbitcoin.com
“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
Tesla, Inc. (NASDAQ:TSLA) received a vote of confidence from Cathie Wood‘s Ark Investment Management last week, as the investment firm swooped in to buy shares after a stock price dip.
Ark’s Purchases Counteract Tesla Slide
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
Three of Ark Invest’s actively managed exchange-traded funds (ETFs) purchased Tesla shares on Friday. This buying activity is significant because Tesla’s stock price had tumbled nearly 4% earlier in the session. While it recovered some losses, it still closed Friday down 1.15% at $170.83, according to Benzinga Pro data.
Production Cut Rumors Spook Investors
The decline was likely a reaction to a Bloomberg report claiming that Tesla asked its Giga Shanghai factory to reduce workweek shifts from the usual 6.5 days to a 5-day schedule. This news worried investors already concerned about a potential first-quarter sales shortfall.
Details of Ark’s Tesla Purchases
On Friday, Ark purchased Tesla shares through the following ETFs:
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
- Ark Innovation ETF (NYSE:ARKK): 90,915 shares
- Ark Next Generation Internet ETF (NYSE:ARKW): 20,416 shares
- ARK Autonomous Technology & Robotics ETF: 5,077 shares
See Also: Best ETFs To Buy Right Now
These purchases totaled 116,408 shares, valued at approximately $19.89 million. Notably, on March 14, Ark had already bought 216,682 Tesla shares, worth $35.21 million, amidst prior stock weakness.
Ark Trims Holdings in Crypto-Related Companies
While showing confidence in Tesla, Ark continued to offload shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN) and Robinhood Markets, Inc. (NASDAQ:HOOD). This comes after a cryptocurrency market cool-off since mid-March, following a strong uptrend in the previous months. Bitcoin (CRYPTO: BTC), the leading cryptocurrency, surpassed $73,500 in mid-March but has since seen its rally stall.
Despite this, Ark’s spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (CBOE: ARKB), launched in January, has gained roughly 37% since its listing.
On Friday, Ark sold 217,610 Coinbase shares (valued at approximately $55.60 million) and 314,789 Robinhood shares (valued at approximately $5.76 billion). Coinbase remains ARKK’s top holding, with a value of approximately $830.98 million.
“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read More: Cathie Wood’s Ark Doubles Down On Tesla Despite Dip, But Dumps $56M In This Bitcoin-Linked
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
