Tesla, Inc. (NASDAQ:TSLA) shares pulled back by over 8% this week amid demand and margin worries. Undeterred by the sell-off continuing into the new year, Cathie Wood’s Ark Invest continued to bulk up on the stock.
What Happened: Ark Invest’s flagship Ark Innovation ETF (NYSE:ARKK) and Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) added 24,506 and 33,538 shares, respectively of Tesla shares on Friday. Ark’s cumulative purchase of Tesla totaled 58,044 shares, valued at $6.56 million.
The Wood-run firm bought Tesla shares in three of the four sessions of the truncated week. Ark’s Tesla purchases this week totaled 255,206 shares worth $27.99 million.
- On Wednesday, ARKK and ARKQ together added 21,050 shares, valued at $2.39 million.
- On Tuesday, both exchange-traded funds bought a cumulative 176,112 shares of Tesla, valued at $19.04 billion.
The fund has been on a Tesla buying spree in recent weeks amid the stock plunge. In the week ended Dec. 30, it picked up $28.82 million worth of shares and in the week ended Dec. 23, it added $10.6 million worth of shares.
Tesla’s shares plunged to a fresh low at the start of the new year, pressured by fourth-quarter deliveries missing expectations. On Friday, the company announced price cuts ranging from 5.7%-13.5% in China, which reignited concerns regarding a demand slowdown in its key market.
See also: Everything You Need To Know About Tesla Stock
Ark’s Other Trades: Among Ark’s other notable trades on Friday included the sale of 31,758 shares of Nvidia Corp. (NASDAQ:NVDA), worth $4.72 million.
The firm’s ARKQ also sold 169,472 shares of Chinese electric vehicle startup XPeng, Inc. (NYSE:XPEV), valued at $1.71 million. XPeng’s fundamentals have suffered recently amid the COVID-19 resurgence in China. It has underperformed its domestic peers Nio, Inc. (NYSE:NIO) and Li Auto, Inc. (NASDAQ:LI), both fundamentally and in terms of stock performance.
Tesla’s China price cuts announced on Friday are expected to have a bigger impact on XPeng, as the former’s reduced prices will likely take away market share from the latter. A majority of XPeng’s sales come from the low-end price point, at which it will now have competition from Tesla.
ARKK closed Friday’s session up 1.13% to $31.37, according to Benzinga Pro data. Tesla recouped early losses and ended the session 2.47% higher at $113.06.
Read next: Tesla’s China Price Cuts Spark Stock Plunge Over Margin Worries — But Analysts Say It’s Actually A ‘Smart Move’
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