ARK Invest Acquires Over $5M in Tesla Stock After Earnings Decline

ARK Invest made significant purchases of Tesla stock across its ARKK and ARKW ETFs, acquiring 148,246 and 29,624 shares respectively. Based on the closing price of $182.63, the total purchase price amounts to roughly $5.5 million.

In an interview on Thursday, ARK Invest’s Tasha Keeney highlighted the firm’s long-term focus and announced plans to provide a new price target for Tesla stock, projecting its outlook for 2028. This approach aims to outline the company’s predictions and strategic vision for the future.

Following Tesla’s recent Earnings Call, criticism arose regarding the lack of guidance provided by the company. Many analysts, including Tasha Keeney, expressed concern about the call’s shortcomings, with Wedbush’s Dan Ives labeling it a “train wreck” due to the absence of crucial details such as margin outlook and production guidance for the year.

Despite the differing opinions, analysts adjusted their price targets for Tesla stock. Dan Ives reduced his target from $350 to $315, while Morgan Stanley’s Adam Jonas reiterated an ‘Overweight’ rating with a $345 price target. Canaccord Genuity also lowered its price target to $234 but maintained a ‘Buy’ rating, emphasizing the need for patience in anticipating future share performance.

It was noted that Tesla’s growth outlook is not expected to be significantly influenced by the release of the Model Y, Model 3, and Cybertruck, with projections suggesting that these models will not lead to substantial growth beyond 2023 when 1.8 million units were produced.

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