Cathie Wood-led Ark Invest Investment Management added more Tesla Inc (NASDAQ:TSLA) shares to its portfolio on Thursday, raising its exposure to the electric vehicle maker for the seventh time this month.
Ark Invest bought 5,174 shares, estimated to be worth $3.3 million, in Tesla on Thursday.
Shares of the Elon Musk-led company closed 8.5% lower at $639.3 on Thursday, erasing all of the gains from the day before. The stock is now down 46.7% this year, according to data from Benzinga Pro.
See Also: Cathie Wood Loads Up On Tesla Stock For 6th Time This Month
St. Petersburg, Florida-based Ark began buying shares in Tesla late last month when they plunged due to production issues in China and uncertainty over Musk’s $44 billion Twitter Inc (NYSE:TWTR) take-private bid.
Musk on Thursday had a first all-hands meeting with Twitter employees where he fielded questions on free speech, bots, layoffs, users, and revenue.
Further, Austin, Texas-based Tesla on Thursday took yet another steep price hike for its models sold in the United States.
See Also: Tesla Raises US Car Prices By Up To $6000: What It's EVs Cost Now
The popular investment firm scooped up 45,003 shares in Tesla last month and has bought 23,857 shares in June so far.
A Tesla bull, Wood has forecast the EV stock will hit $4,600 by 2026.
Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF (NYSE:ARKK), Ark Autonomous Technology & Robotics ETF (NYSE:ARKQ), and Ark Next Generation Internet ETF (NYSE:ARKW).
The three ETFs held 1.32 million shares worth $926.7 million in Tesla before Thursday’s trade.
