(Bloomberg) — Cathie Wood purchased Tesla Inc. inventory amid a rout on Tuesday, reaffirming her conviction within the electric-vehicle producer whilst many traders have bailed out because of the a number of headwinds the corporate faces.
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Funds backed by Wood’s agency Ark Investment Management LLC purchased greater than 176,000 shares of the automaker within the first US buying and selling session of this yr, in keeping with Ark’s day by day knowledge. The purchases got here as Tesla inventory plunged 12%, the most important one-day drop in additional than two years, after firm missed Wall Street’s consensus estimate for quarterly deliveries regardless of providing hefty incentives.
Wood’s exchange-traded funds have acquired barely greater than 938,000 shares of the EV producer since Oct. 3, after they began their newest shopping for streak, in keeping with Ark buying and selling knowledge compiled by Bloomberg. The October-December interval marked the primary quarter in seven during which Ark net-bought Tesla inventory.
Tuesday’s fall provides to Tesla’s 65%…
2023-01-03 23:00:16 Cathie Wood Buys Tesla Stock Amid Plunge After Deliveries Miss
Article from finance.yahoo.com