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On Monday, Cathie Wood-led Ark Invest made significant trades involving Tesla Inc (NASDAQ:TSLA) and Zoom Video Communications Inc (NASDAQ:ZM).
The Tesla Trade
Ark Invest purchased a total of 122,752 shares of Tesla across its ARK Innovation ETF (NYSE:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and ARK Next Generation Internet ETF (NYSE:ARKW). The Ark trade was valued at $17.44 million. Tesla shares closed 3.4% lower at $142.05 for the day.
Tesla shares have fallen over 40% since the year began and over a longer 12-year period they have declined more than 12%.
Significantly, this purchase comes on the eve of Tesla’s first-quarter financial results announcement. Analysts expect Tesla to report first-quarter revenue of $22.34 billion, a slight decrease from the $23.33 billion reported in the same quarter of the previous year. This move by Ark Invest could be seen as a vote of confidence in the EV manufacturer, despite the cautious stance of analysts.
The Zoom Trade
Conversely, Ark Invest sold a total of 334,290 shares of Zoom Video Communications across its ARKK and ARKW ETFs. The value of the Zoom shares sold on April 22, based on the closing price of $59.54, is approximately $19.9 million.
See Also: Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds
Analysts’ ratings for Zoom have varied over the last quarter, ranging from bullish to bearish. Despite this, Zoom has been leveraging AI-powered advancements for growth and holding its ground amidst intense competition.
Read Next: Elon Musk Reacts To Tesla’s Pricing Debate: ‘Only A Fool Thinks ….’
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