Cathie Wood bought a large stake in Tesla in early October

Posted by:Alex Belov Posted on:Oct 6,2022

Well-known investor Cathie Wood again decided to buy Tesla shares after the release of a report that did not live up to analysts’ expectations. Tesla shares after the publication of the report on deliveries lost more than 8%.

Cathie Wood bought Tesla shares for the second time in 2022. From the beginning of the year to the end of May, Cathie Wood is gradually reducing her share. Tesla shares fell on the back of an auto shipments report that came just below analysts’ forecasts. On October 3, 2022, the ARK Innovation ETF and ARK Next Generation Internet ETF, owned by Cathie Wood, acquired a fairly large amount of Tesla stock. The ARK Innovation ETF bought 108.38 thousand securities at once, and 23.83 thousand securities for the Next Generation Internet ETF, respectively. This information was published on the Cathi’s Ark website.

On October 5, Tesla quotes ended trading at $240.81, a loss of about 10% in recent days after the publication of the report. The decline in the cost of Tesla quotes began after the publication of a report on vehicle deliveries for the 3rd quarter of 2022. We can say that the report came out pretty good, but fell short of the consensus forecast of 358,000 electric vehicles. In total, only 343.83 thousand cars were delivered, which is also a record figure. During the reporting period, the company produced 365,000 electric vehicles.

“In the 3rd quarter of 2022, we decided to switch to the fast track of electric vehicle assembly by region. This decision was reflected in the number of cars sent to customers. Buyers have already ordered these cars and they will be delivered to their destination in the near future,” – the company said.

It should be noted that on October 19, 2022, the company will present a full report for the 3rd quarter after the close of the main trading session of the US market.

The second quarter of 2022 is a failure for Cathie Wood. Shares in her fund are down more than 50% from November 2021 levels. The flagship ARK Innovation ETF fell 60% due to the risk of a recession and the tightening of the monetary policy of the US Federal Reserve. All this is putting a lot of pressure on the tech stocks that make up the ARK Innovation ETF.

Share analytics

Alex Belov

Developers by Analyst, investor

You must be logged in to post a comment