From Nasdaq:

Tesla, Inc. shares fell over 12% after the company reported fourth-quarter earnings and revenue that missed expectations and warned of a decline in volume growth in 2024. Despite the drop, Ark Invest doubled down on its Tesla bet, accumulating shares through two of its exchange-traded funds.

Ark Invest added 148,246 Tesla shares, valued at $32.48 million. Tesla’s stock closed Thursday’s session down 12.13% at $182.63, eroding $80.4 billion in market capitalization. Tesla makes up approximately 7.77% and 5.10% of ARKK and ARKW’s portfolio weighting, respectively.

At the end of 2023, Ark held 3,802,519 Tesla shares, valued at $944.85 million. Thursday’s Tesla buy shows Ark’s practice of piling into major holdings amid potential weakness. Wood has a $2000 price target for Tesla by 2027, with its self-driving technology being core to its future robotaxi services.

Future Fund’s Gary Black sees Tesla stock rebounding, pending no further price cuts in the U.S. Thursday night and depending on key economic data scheduled for the following day. The Bureau of Economic Analysis is set to release its personal income and spending report, which could impact investor decisions.

In the long run, updates about Tesla’s next-gen sub-$30,000 EV could help lift the company, as long as there are no further configurator price cuts and depending on economic conditions, EV demand, and industry competition. Analysts speculate on potential catalysts to revive Tesla stock in the future.



Read more: Tesla’s Bloodbath No Deterrent For Cathie Wood, Ark Mops Up $32.5 Worth Of Shares, What Lies Ahead For The Stock?