After Tesla’s shares dropped following fewer deliveries than expected, but one investing firm saw the moment as an opportunity.
Cathie Wood’s investing firm Ark has purchased more Tesla shares across multiple branches, as detailed in a report from Barron’s.
The purchase came after Tesla’s stock dropped despite its record deliveries in Q3, that missed Wall Street’s expectations.
Ark Innovation exchange-traded fund purchased 108,380 Tesla shares while the Ark Next Generation Internet ETF bought 23,833 shares of the automaker.
Tesla reported 343,830 deliveries and 365,923 vehicles produced, although Wall Street estimates were looking for around 358,000 units.
Tesla Said to Expand Gigafactory Nevada Soon, Says Report https://t.co/Iyue9dpnTA
— TeslaNorth.com (@RealTeslaNorth) October 3, 2022
On Monday, following Tesla’s reported deliveries, the automaker’s stock dropped about 8.6 percent. Tesla remains Ark’s top holding currently making up 9.63 percent of the company’s portfolio.
Cathie Wood has sold Tesla shares multiple times throughout the year, with this purchase marking Wood’s first Tesla purchase since around mid-June, according to data from Bloomberg.
Despite not reaching Wall Street estimates, Tesla delivered a record number of vehicles in Q3 and it will release its wider financial details in a webcast on October 19.
Tesla also plans to move away from its huge delivery pushes nearing the end of each quarter, with future plans to make steadier deliveries throughout quarters.
At the time of writing Tesla’s shares are trading at $256.14 (+$13.74) up 5.67 percent from Tuesday’s market open.
