Wood’s flagship ETF buys Tesla stock on dips while cutting Coinbase stake

  • Cathie Wood’s ARK Innovation ETF buys more Tesla stock on a dip
  • Wood’s ETF purchased over $20 million worth of Tesla stock three times in three weeks
  • Tesla is the second-largest holding of the ETF, behind Coinbase
  • The ETF continues to trim its stake in Coinbase

Cathie Wood’s ARK Innovation ETF has been actively buying Tesla stock on dips, purchasing over $20 million worth of shares three times in three weeks. Tesla is the second-largest holding of the ETF, with a weighting of 7.9%. On the other hand, the ETF has been reducing its stake in Coinbase, the largest holding, as the approval of spot bitcoin ETFs has fueled a frenzy in cryptocurrency markets. Wood’s ETF has sold a total of 604,074 Coinbase shares valued at $96.47 million since December 20. Overall, the ARK Innovation ETF has seen a 34.4% increase over the past year.

Public Companies: Tesla Inc. (TSLA), Coinbase Global Inc. (COIN), Hertz Global Holdings Inc. (HTZ)
Private Companies: ARK Innovation ETF
Key People: Cathie Wood (Founder and CEO of ARK Investment Management LLC)

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Factuality Level: 7
Justification: The article provides information about Cathie Wood’s ARK Innovation ETF buying Tesla’s stock after a dip. It also mentions the ETF’s previous sales of Tesla shares and its trimming of stake in Coinbase. The information provided seems to be based on factual data and market events. However, the article lacks in-depth analysis and context, and it includes some unnecessary details about other stocks and the performance of the S&P 500. Overall, the article appears to be mostly factual but could benefit from more comprehensive reporting.

Noise Level: 3
Justification: The article provides information about Cathie Wood’s purchase of Tesla stock and the ETF’s strategy. However, it lacks in-depth analysis, evidence, and actionable insights. It also includes unrelated information about Coinbase and cryptocurrency markets, which is not relevant to the main topic.

Financial Relevance: Yes
Financial Markets Impacted: The article provides information on Cathie Wood’s ARK Innovation ETF buying shares of Tesla Inc., which is a financial company. It also mentions the stock performance of Coinbase Global Inc. and Hertz Global Holdings Inc., both of which are relevant to financial markets.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article focuses on the buying and selling of stocks by Cathie Wood’s ARK Innovation ETF, which is a financial topic. It does not mention any extreme events.

Reported publicly: www.marketwatch.com