Cathie Wood loads up on another 25K shares of the plunging Tesla

Cathie Wood, CEO and CIO of ARK Invest continues to purchase shares of the falling Tesla (NASDAQ:TSLA) as the asset manager and her team picked up more than 25K shares of the electric vehicle giant despite its seven-day losing streak and Tuesday plummet of 11.4%.

In total, Wood took on 25,147 shares of TSLA through her flagship ARK Innovation ETF (NYSEARCA:ARKK) on Tuesday according to Ark’s trade records. The influx of TSLA shares added to the now total of 133,194 shares of TSLA that Ark Invest has bought over TSLA’s seven day losing streak which started back on December 16. Over the course of Elon Musk’s EV giant’s losing streak, the stock plunged roughly 30% from when it closed at $157.60 a share down to $109.10 a share.

See below a breakdown of Ark Invest’s buying patterns towards TSLA since December 16:

• 12/27: ARKK purchased 25,147 shares of TSLA
• 12/23: ARKK purchased 20,458 shares of TSLA
• 12/21: ARKK purchased 9,952 shares of TSLA
• 12/20: ARKK purchased 19,125 shares of TSLA
• 12/19: (BATS:ARKQ) purchased 27,494 shares of TSLA
• 12/16: ARKK purchased 31,018 shares of TSLA

Wood continued to add to her bullish stance as ARKK now has TSLA listed as its fifth largest holding at 6.00%, with a market value of $346.08M. ARKQ on the other hand also labeled TSLA as the funds fifth most significant holding at 6.98% which equates to a market value of $53.62M.

Premarket price action: TSLA +3.2%, ARKK +0.8%, and ARKQ +0.1%.

While ARKK and Wood’s other ETFs struggled in 2022, Daniel Loeb, the billionaire leader of hedge fund Third Point, stated that a recent market memo of ARK Invest should be used as a dissertation to understand the mindset approach of “stonk hodlers.”