Cathie Wood’s Ark funds scooped up Tesla as the stock flirted with its lowest point of 2021

Cathie Wood’s Ark funds scooped up Tesla as the stock flirted with its lowest point of 2021
Tesla Model 3Feature China: Barcroft Media via Getty Images
  • Ark's Cathie Wood bought the dip in Tesla on Wednesday.
  • Three of her exchange-traded funds - each of which counts Tesla as its top holding- bought shares of Tesla as the stock sank near its lowest point in 2021.
  • Tesla has come under pressure lately amid a broader tech sell-off and recent news that Michael Burry placed a massive options bet against the stock.

Outspoken Tesla bull Cathie Wood bought the dip in the stock on Wednesday it flirted with its 2021 low.

Fund filings show three of Wood's Ark ETFs bought shares of the electric vehicle maker. Meanwhile, the stock hit an intraday low of $546.98 on Wednesday, the second lowest intraday point of 2021 behind March 5. Tesla has come under pressure recently amid a broader technology sell-off and news earlier this week that legendary short-seller Michael Bury has another massive bet against Tesla. The investor's firm has bearish put options on over 800,000 shares of Tesla, filings revealed on Monday. Bury also disclosed in December that he was short Tesla, describing the automaker's stock price of about $570 at the time as "ridiculous."
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Wood's Ark Ark Innovation ETF bought 43,065 shares of Tesla. The electric vehicle maker is the number one holding in the fund with a 10.4% weight and market value of over $1.9 billion (3,463,871 shares). The fund is down 14.66% year-to-date.

Meanwhile she added 7,966 shares to the ARK Autonomous Technology & Robotics ETF.
Tesla is also the number one holding in this fund, with a 10.03% weight and 491,639 shares total. That ETF is up 2.56% in 2021.

Additionally her Ark Next Generation Internet ETF bought 18,477 shares of Tesla. Tesla is the top holding in this fund, with 914,624 shares total, and a 9.99%. That fund is down 10% year-to-date.
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Shares of Tesla jumped as much as 4.5% Thursday to $588.85. The EV maker is down 17% year-to-date.

Read more: 7 crypto heavyweights told us what's behind the sudden sell-off that erased over $400 billion from the market in just 24 hours - and whether now is the time to 'buy the dip'
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