Cathie Wood's Ark Investment Management bought more shares in self-driving trucking company TuSimple Holdings Inc (NASDAQ: TSP) on Tuesday, which has lost nearly 70% in market value so far this year.
The stock-picking firm bought 21,619 shares in TuSimple, estimated to be worth $232,620 based on their last close of $10.7 a share.
TuSimple has slumped about 38% in the past week. It is currently trading much below its April IPO price of $40.
Ark Invest owns shares in TuSimple via two of its six exchange-traded funds — the Ark Innovation ETF (NYSE: ARKK) and the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ).
The St. Petersburg, Florida-based money managing firm held 11.4 million shares — worth $122.5 million— in TuSimple, before Tuesday’s trade.
See Also: Cathie Wood Loads Up $2.8M In This Self-Driving Trucking Company As Shares Plunge 38% In A Week
The latest purchase represents a marginal boost to Ark Invest's stake but adds up to more than a 2% jump in the past week when the money managing firm loaded up more shares.
TuSimple’s unexpected management shuffle last week saw co-founder and CTO Xiaodi Hou taking over the CEO and chairman roles from Cheng Lu.
Although the company said it was part of a "planned executive succession," the move spooked investors, sending its shares down 21% on Thursday and 13% lower a day later.
Wood had said she had “confidence in Xiaodi’s ability to execute on TuSimple’s autonomous strategy.”
TuSimple is developing commercial-ready, Level 4, fully autonomous trucks for customers. Ark Invest has also placed bets in electric vehicle companies Tesla Inc (NASDAQ: TSLA) and Xpeng Inc (NYSE: XPEV).
Here are a few other key Ark Invest trades from Tuesday:
- Bought 2,307 shares — estimated to be worth $16,702 shares— in Velo3D Inc (NYSE: VLD). The stock closed 5.3% higher at $7.2 a share on Tuesday.
Photo Courtesy: TuSimple Holdings
