Ark Invest’s Cathie Wood piled into shares of Tesla for the first time in a while as the innovation-focused investor returned to her high-conviction darling in the midst of a 3.9% downdraft in the stock Wednesday. Wood’s flagship ARK Innovation ETF added 93,965 shares of the electric vehicle company on Wednesday, and 17,422 Tesla shares for her ARK Autonomous Technology & Robotics ETF , according to Ark’s daily trading data. The purchases were worth $27.5 million based on Tesla’s Wednesday close of $247.14. Despite Wednesday’s decline, shares of the Elon Musk-led electric vehicle have more than doubled in price in 2023. Over the past few months, the widely-followed Wood had been trimming her Tesla stake and using the proceeds to fund other purchases in her funds, including UiPath and Block . TSLA YTD mountain Tesla Wood has stood by her call that Tesla could hit $2,000 a share by 2027 on the back of a robotaxi boom. That valuation would also translate into a more than $5 trillion market cap for Tesla. Her projections have also included a $1,400 price target as her bear case and $2,500 as her bull case. Tesla is today the second-biggest holding in Wood’s flagship ARKK fund with a 7.6% weighting, down from 11.4% in September after Wood’s recent sales. Coinbase Global is the largest position in the portfolio, currently accounting for 10.9%. Wood stresses her devotion to innovative companies that she says are transforming business and has been a longtime champion of Tesla. Her confidence is built around an accelerated shift to EVs as well as Tesla’s artificial intelligence capabilities. She previously called Tesla the “biggest AI opportunity in the world.”
