Cathie Wood continues to bet on Tesla (NASDAQ:TSLA) stock despite the electric vehicle (EV) company having a rough year.
The latest acquisition saw Wood’s Ark Investment Management obtain 19,125 shares of TSLA stock valued at $2.64 million on Tuesday. That follows Wood’s acquisition of 27,494 shares on Monday via the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).
It’s worth pointing out that Cathie Wood is acquiring TSLA stock despite shares being down 65% year-to-date (YTD). Part of this decline has been due to Tesla CEO Elon Musk selling shares of the EV maker to fuel his purchase of Twitter. However, recession fears have also weighed on TSLA stock.
Will TSLA Stock Recover?
Will shares of Tesla recover? That remains to be seen, but Cathie Wood seems to believe so based on her recent acquisitions. While her exchange-traded funds aren’t performing as well as they previously have, it’s possible that Cathie Wood’s insight could see her ahead in the years to come.
That’s something investors will want to keep in mind as shares of TSLA stock trade for much cheaper than earlier this year. At the start of 2022, TSLA stock was valued at about $383 per share. The stock trades for $137.84 as of this writing.
TSLA stock is down slightly as of Wednesday afternoon.
Investors seeking out more of the latest stock market news are in luck!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.