Per Market Insider
Cathie Wood Buys Additional Tesla Shares with Valuation Over $2 Million
12/29/2022
As Tesla shares are down 69.53%, but this included a jump of 8.10% as of press time as ARK Investment's Cathie Wood buys up 17,960 shares. Woods has remained bullish on Elon Musk's EV company and now holds a sizeable amount of TSLA shares.
Wood's shares purchase totaled $2 million, which propelled the fund's Tesla holdings to new heights. The recent purchase increases the holdings of different funds by ARK Investment.
Here are the Tesla holding percentage of different ARK Investment funds:
- ARK Innovation ETF (NYSE: ARKK) - with the recent purchase, its TSLA holdings are now at 6%.
- ARK Autonomous Tech. & Robotics ETF (NYSE: ARKQ) - with the recent purchase, its TSLA holdings are now at 6.98%.
In total, Cathie Wood's ARK Investment holds a sizable chunk of 232,000 Tesla shares. This comes as Wood has been buying up stock since mid-December alone.
The massive purchase became good news for the company after its recent decline following news that the company wants to reduce its Shanghai plant's production schedule in January.
Adam Jonas, head of Morgan Stanley's auto and space research, remains bullish on Tesla, saying the company could further tower its competition. Despite Jonas not being immune to the stock performance in 2022, he remains bullish on its potential, per Yahoo Finance.
Jonas: "Tesla may be in position to extend its lead vs. the EV competition,”
However, Jonas still slashed price targets for Tesla from his original $330 down to just $250. This comes after he slashed his price targets again two months ago in October.
These estimations, however, mean that Tesla stock would have to perform 115% from its current trading levels. Jonas believes that four factors make Tesla worthy of this performance: the company's valuation, innovation, cash flow, and cost leadership.
Other analysts have also decided to downgrade their price targets for Tesla in 2023 as the stock has been falling by over 69% throughout the year. Dan Ives, a Wedbush analyst, says the company faces serious macro and competitive headwinds into 2023 in the US and China.
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